UK Car Sales Rise in June

British consumers are buying new cars at the fastest rate in nine years as they exploit cheap finance deals to buy models with lower running costs.

New car sales jumped 6.3% in June to 228,291 vehicles with the Ford Fiesta, Vauxhall Corsa, and Ford Focus topping shopping lists.

It drove the best first-half performance since 2005, with sales up 10.6% at 1.29m cars according to the figures from the Society of Motor Manufacturers and Traders (SMMT).

Mike Hawes, SMMT chief executive, said the car market was increasing faster than expected so far in 2014. The trade body has forecast a 6% increase in new cars sales to 2.4m vehicles in 2014 overall.

Hawes said: “Improving economic conditions have helped propel the UK new car market to a strong first half-year performance. The overall market has risen faster than we were expecting but … growth is showing signs of stabilising around our forecast level.”

Sales of alternatively fuelled cars rose by 51.3% in the first half of the year to 23,337.

Paul Brotherton, head of business strategy at car finance company Black Horse, said greater access to loans was opening up the new car market to more customers.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza