UK Car Industry Enjoys Longest Growth Since 1959!

Believe it or not the British car industry has recently been undergoing its longest period of growth since 1959. At Canvey Carriage Company we’ve found that figures indicates this growth really shows us why people are buying cars right now.

As one of country’s top used car providers, Canvey Carriage Company has seen how many people struggled to buy cars at the height of the Recession; they didn’t have the money and lenders weren’t giving out loans so freely. These new figures show though that this really has changed, indicating a golden age for the drivers of Britain.

The Society of Motor Manufacturers

News sources including The Guardian have released figures from the Society of Motor Manufacturers and Traders (SMMT), which show that the number of used cars registered in this country rose 7.7%, last month, to hit 194,032. This means that over a million new cars have been registered in 2014 so far.

It’s a record. The strongest May increase in a decade, it in fact has smashed through records that were set in May 1959. Furthermore it continues the longest period of growth (27 months) in the new car market analysts have ever seen.

The Effects of the Economic Recovery

So why now? What is it about this climate that is spurring on such a rapid period of growth? Chief Executive at SMMT Mike Hawes commented on the trend, saying: "The new car market has now grown in every month since March 2012 – the longest period of growth on record and a reflection of the UK's ever-improving economic conditions."

Furthermore SMMT found that the economic recovery is facilitating cheaper finance deals, which are essential for giving you access to the direct capital you need to buy a new car. Growing consumer confidence spurred on by the recovery and PPI pay outs have also been given as reasons why people are buying cars now more than ever.

Canvey Carriage Company on What a Cheap Finance Package Can Do For You

Here at the Canvey Carriage Company we’ve seen first-hand how the cheaper finance packages made possible by the economic recovery are inspiring people to buy cars. They make it easier. That’s why if you’re thinking of getting your first car, but not sure if you’re able to afford it, these figures prove that now is the time, as cars literally haven’t been this cheap in years!