Car sales fall to lowest level since 1991
06 November 2008
Sales of new cars have fallen by more than 23 per cent since this time last year, marking the biggest decline in 17 years.
It is the 6th consecutive month that the Society of Motor Manufacturers and Traders (SMMT) have reported a drop in sales.
Sales of luxury cars and people carriers have been particularly badly hit as the economic downturn takes its toll on the motor industry.
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Paul Everitt from the SMMT warns that the decline in sales will have far reaching repurcussions; “Demand reducing in the showrooms ultimately feeds through to the productions facilities and then to the supply chain supporting these facilities.”
As consumers feel the impact of rising costs, it's clear they are putting off making big purchases, such as a new car, until they can feel more confident about the economic future.
SaveBorrowSpend Philippa Adam
