Despite 2016 being a tumultuous year for the UK, which voted to leave the European Union and saw a change of leadership, car registrations numbers hit an all time high of almost 2.7 million. The figure was released by the country’s Society of Motor Manufacturers and Traders (SMMT) and reported by Autocar. Last year’s total registrations were 2.2% higher than the previous record of 2.6 million cars, set in 2015. Prior to that, the record stood at 2.58 million units, from 2003. “Consumer confidence has remained strong despite a number of challenges for the industry, economy and politically, over the past year. That has combined with low interest rates and a raft of new model and new technology launches to deliver more choice of better vehicles than ever,” SMMT CEO Mark Hawes explained. He however warned that the market would likely soften by around 5-6% this year as a result of uncertain trading conditions sparked by Brexit negotiations, volatile currency exchange rates, a possible interest rate rise and the impact of upcoming Vehicle Excise Duty (VED) changes. The latter will remove incentives to buy some low-emission cars and add taxes to cars costing over £40,000. “Registrations of around 2.5m would… Read full this story
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