New car registrations | July 2022
Ian Plummer, Auto Trader's Commercial Director comments on the latest new car registrations from the Society of Motor Manufacturer and Traders (SMMT):
New car sales in June may be down compared to a year ago, but the real culprit here is lingering disruption to the supply of vehicles rather than a slump in demand. The latest monthly figures also give a clear indication that the cost-of-living crisis and the looming era of the £2 a litre fuel charge are turning many would-be buyers towards electric vehicles.
“The rocketing running costs of traditional petrol and diesel vehicles have increased the attraction of battery electric vehicles, which rose strongly and accounted for one in six of new registrations in June. So far this year BEV registrations are up by around 25% on 2021, which is unsurprising given our analysis shows a typical driver can save £176 per 1000 miles driven by going electric.”
“In broader terms, with reports of continued strength of order take, official sales numbers alone won’t give us a clear picture of how the current inflation squeeze is affecting the wider car market for months to come, until manufacturers and retailers work through months of backed-up orders caused by shortages of crucial components hampering the supply of new vehicles. This situation has been worsened by the Ukraine crisis, which sadly looks likely to linger for some time to come.”
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