UK New Car Registrations Plummet to 1959 Levels in February 2023
New car registrations in the UK today plummeted to their lowest level since 1959 in February 2023, with a 35.5% decrease from February 2020. Only 51,412 new cars were registered, a stark contrast to the 79,553 registrations in February 2020. The Society of Motor Manufacturers and Traders (SMMT) boss, Mike Hawes, described the decline as 'deeply disappointing'.
Despite the overall slump, there was growth in the registrations of electric and plug-in hybrid vehicles. Electric car (BEV) registrations surged by 49% to 9,776, while plug-in hybrid (PHEV) registrations rose by 35.2% to 9,255. Together, they accounted for a 13% market share, up from less than 6% in 2022. The Ford Fiesta remained the best buy car, followed by the Vauxhall Corsa and Nissan Qashqai. Notably, six out of the top ten best buy cars were SUVs, reflecting the ongoing trend towards larger, higher vehicles.
Mike Hawes expressed concern that the closure of showrooms has hindered dealers' preparations for the March 'new plate month'. He attributed the decline in registrations to the showroom closures, stating that the drop was expected given the circumstances.
The UK's new car market continues to face challenges, with February 2023 seeing the lowest registrations since 1959. However, the growth in electric and plug-in hybrid vehicle registrations offers a glimmer of hope for the future. As the market evolves, consumers and manufacturers alike will need to adapt to the changing landscape.
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