Commenting on the SMMT’s New Car Registrations data for February, Chris Leslie, Commercial Director at MAF Finance Group, said:
” The nation’s automotive sector appears to be powering through the start of the new year, with the announcement today that the new car market has recorded its strongest February for two decades.
“February is generally a low volume month, so the fact that car registrations rose 14% and buyers have not waited until the spring suggests the difficulties of recent years might be on wane. We will not get a clear idea of the full-year picture until March, traditionally the busiest market month for purchases, but the signs remain promising.
“There is also good news to be had on battery electric vehicle (BEV) uptake, which accounted for over 17% of registrations and is an improvement on last year’s figures.
“The government will be slightly concerned about the number of purchases by private buyers though. The fact that private buyers have accounted for fewer than one in five new BEVs registered so far in 2024 suggests more government incentives are required to stimulate the general public into action.”
