New car news
16/09/2008
Low sales and UK car insurance
As car buyers start to feel the credit crunch, UK car insurance companies are seeing a fall in motor insurance quotes for new cars.
The Society of Motor Manufacturers and Traders have released figures that show the biggest downturn in new car sales since August 1966.
Sales of Land Rover were down almost 58%, when compared with August 2007, Jaguar down 41%, BMWs down almost 40% and Mercedes-Benz sales dropped 35%.
Small cars, however, fared slightly better than the prestige marques with the Vauxhall Corsa being the month's best seller. Small cars showed an increase in the market share from 30% to almost 34%
The economic slowdown is being blamed for the 10% fall in new car sales over the last three months, and the move towards small, fuel-efficient cars would imply more careful consideration of economic and environmental issues when customers are choosing a new car.
Paul Everitt, the chief executive of the SMMT, said, "The industry is encouraged by the growing interest in lower carbon cars but is concerned by the reluctance of consumers to commit to major purchases. There is a clear need for sustained action by government to boost the economy and restore confidence."
A Hoot spokesperson commented, "A small new car can sometimes offer cheaper UK car insurance for young drivers than a second-hand more powerful model. Safety and fuel economy are also important considerations."
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