Home Business NewsBusinessAutomotive News New car market records strongest month in 20 years

New car market records strongest month in 20 years

by LLB staff reporter
5th Mar 24 10:25 am

New figures by the Society of Motor Manufacturers and Traders (SMMT) reveals that the new car market recorded their strongest February in 20 years.

The SMMT said that new registrations was up by 10% in February compared to the previous year.

The SMMT repeated their plea for “fairer” taxation of electric vehicles ahead of the Spring Budget on Wednesday.

The SMMT are urging the Chancellor to cut the VAT by 50% on buying new EVs and have suggested that Jeremy Hunt should make public charging “as easy and affordable as plugging in at home.”

Ian Plummer, commercial director at online vehicle marketplace Auto Trader, said, “Year-on-year growth in EV sales is encouraging but this is thanks to buoyant fleet sales, as growing numbers of drivers take advantage of benefit in kind and salary sacrifice schemes to overcome the electric upfront price barrier.

“With the 22% Zero Emission Vehicle (ZEV) mandate target of all new car sales to be electric now in effect, some manufacturers are turning to substantial offers to stimulate flat retail demand and entice potential car buyers, and our data shows it’s working.

“At the end of February, one in five new car enquiries sent via Auto Trader were for EVs thanks to a few heavily discounted models.”

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