Cash for your old car
Sales of new cars in the UK took a hammering in March, figures released show a drop of 30% on the same time last year with just 313,912 new cars registered. March has long been the benchmark for sales in the motor industry, with many customers keen for the opportunity to show off a newly plated vehicle.
The figures have disappointed the Society of Motor Manufacturers and Traders (SMMT) who have pleaded with the government to do more to boost customer confidence. SMMT chief executive Paul Everitt has urged the government to consider similar incentives to car buyers as those in place throughout Europe, where motorists are paid to trade in old cars when buying new.
Everitt says that the UK is the only major European market not to adopt such a scheme. In Germany for instance, new car sales have increased by 40% since the introduction of a 2,500 euro cash back for cars of nine years old or more when purchasing a new vehicle. France too has seen sales increase by 10% with similar incentives.
The government cash back is nothing new in Europe, both Spain and Ireland among other countries have previously offered cash incentives to get older and higher polluting vehicles off the roads.
Unsurprisingly sales of small cars bucked the trend in the UK, the ‘mini segment’ recording an increase in sales of 84%. The Ford Fiesta was the best selling car of any sector for the fifth month in a row.
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