New car registrations | February 2023
Another month of solid year-on-year growth is a further indicator of growing consumer confidence, and the gradual improvement in supply. Heavy constraints remain, but the taps are slowly reopening, with levels of new car stock on our marketplace up over 30% on this time last year.
“The growth in fleet sales indicates a buoyant business side of the market.
“With visits to Auto Trader increasing 17% year-on-year in February, continuing the momentum from January’s record 80 million visits, we’re seeing an automotive industry that is, so far, cushioned from wider macro-economic factors. This is due, in part, to the fact that for most consumers cars remain a necessity, even more so given the ongoing disruption in public transport. February also saw 90% of consumers tell us they were at least as confident in their ability to afford their car as they were last year which adds to our confident outlook for the months ahead.
“The upward trajectory is even more noteworthy given the rising costs faced by car buyers, driven by the industry shift towards more expensive vehicles like EVs and SUVs. Average prices have climbed 43% to an average of £39,000 in just five years.”
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