LSE: 687.40 GBP -4.40 (-0.64%)
Menu
Close
05 September 23 Press releases

New car commentary | August 2023

A quick look under the bonnet reveals the new car market has reached a pivot point...


 

The headline figures are positive, but with sales growth being fuelled almost exclusively by various fleet channels in recent months, a quick look under the bonnet reveals the new car market has reached a pivot point. After years of heavily constrained new car supply struggling to keep pace with consumer appetite, for the first time since the pandemic we’re seeing production exceed natural demand, as evident in flattening retail sales numbers."

Key spokesperson

Ian Plummer

Commercial Director

CONNECT

It’s good news for new car buyers though. Not only have lead times dropped significantly, but the market’s currently awash with enticing offers, particularly for new EV models, from manufacturers hoping to stimulate demand for the September plate change. And there’s signs it’s working as we saw a notable rise in new car activity across our platforms over the closing weeks of August.

The significant uptick in electric registrations is promising, but again, it continues to be propped up fleet channels, as people take advantage of business-related tax benefits that make them more affordable. Without those advantages, the current £50,000 median price-tag for a brand-new electric car is far beyond most retail car buyers’ budgets. But with the growing array of deposit contributions and 0% APR deals on offer that can now help bridge the affordability gap for private buyers too, we may well see a rise in vital private demand for EVs, which will be much needed if we’re to achieve the government’s 2030 ambitions.”


 

Share:
Up next
Auto Trader data to power Office for National Statistics' official measures of inflation
Read More
Retailers embracing digital are reporting more sales, more efficiency and more satisfied customers
Read More
Auto Trader is first FTSE 100 to achieve Gold Carbon Literacy status
Read More

Stay up to date

Follow us on our social channels to keep up with the latest news, insights and company developments.

 

If you would like to be added to our News & views mailing list, or have any media-related enquiries, please contact our press team:

Auto Trader UK

Auto Trader Insight

Auto Trader Life

Other Group sites

Looking to join the team?

Careers

Looking to buy or sell a vehicle?

Consumers

Keep in touch

Sign up to our email alerts service:

RNS alerts

Join our news & views mailing list
or submit media-related enquiries:

Contact our press team
  • @2024 Auto Trader Group plc. Registered in England with company number: 09439967.