UK new car sales plummet as Britons cut back

A report by the Society of Motor Manufacturers and Traders (SMMT) has revealed that Britons continue to rein in their spending as new car sales have fallen to the lowest level in over 40 years.

New car registrations were down 18.6% to 63,225 in August compared with the same period last year with the worst hit being Aston Martin, Porsche and Cadillac.

The number of Aston Martin’s registered during August slumped to just 19, compared to 58 in August 2007.

Paul Everitt, SMMT’s chief executive, said traditionally August is a quiet month for the new car market, however, this year it has been the lowest since 1966 with just 63,225 registrations.

The organisation is forecasting that the number of new registrations will fall a further 10% by the end of 2008. It is then expected that a low point will hit the market at the start of next year before a modest recovery is achieved.

The organisation is urging the Government to take action and boost the economy and restore confidence. However, the group did add that falling oil prices could improve sales.

The organisation concluded by saying as the slowdown continues, consumers are moving to more efficient models with diesels remaining a favourable choice.

Overall, the top sellers in August were the Ford Focus and the Vauxhall Corsa.

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