New car plates fail to attract loan applicants
19 April 2011 08:48:23
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| Consumers are opting for more fuel-efficient cars. |
The Society of Motor Manufacturers and Traders said the figures were actually better than expected, as the total for March 2010 was artificially boosted by the government's car scrappage scheme.
However, it conceded that new registrations are likely to decline further this spring, before recovering later in the year.
This means that there could soon be an increase in the number of people heading online to compare personal loans or car finance in the near future.
Chief executive Paul Everitt said: "Despite a dip versus 2010, the market remains on course to meet our forecast for the year, with motorists buying increasingly fuel-efficient and low-emitting vehicles across every segment."
The latest figures follow data published by the Finance & Leasing Association, which show that the number of new cars bought on finance fell by 14% in February compared to February 2010.
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