August New Car Market Dips

August’s new car market has dipped 4.9 per cent at 84,996 units. However, this figure remains one per cent up compared with last year’s total thus far. Another saving grace for the figures is that they are six per cent better than the five-year average of 80,221 units.

The August market is typically three per cent of year-end total compared to around 17 per cent in September. According to the SMMT since the start of the twice yearly plate change in 1999 the September market has on average accounted for 411,157 units. Industry representatives are expecting a market on par with last year’s 439,365 units, in the 430,000 to 440,000 unit range. They recognise that the new car market has started to cool and the effect of interest rate rises on consumer confidence are said to account for this.

Commenting on the August market, SMMT chief executive Christopher Macgowan said: “Until the industry moved to a twice yearly registration plate change, August was the month to watch. Now, its significance is dwarfed by the key September market.

“Growth that has sustained the market for the last four years has eased a little in recent months and it will be the September figures that tell us if a strong start to 2004 will bring a fourth consecutive record year.’