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News - 5 November 2005
|Its a buyer's market|
Failing consumer confidence hits car sales
Further evidence of the lack of consumer confidence was seen in the October decline in car sales – for the tenth month in a row. Sales to private motorists (as opposed to fleet and company purchases) are down 15% on the same period last year.
New car sales fell by nearly 11% in October alone – 126,000 cars less than in 2004. This is the third year of decline since the record breaking 2001 when 2.6bn cars were sold in the UK. The figure for the year to date is 2.12bn.
The collapse of MG Rover, increasing household debt and increasing fuel prices have exacerbated the downturn and even the previously robust market for diesel cars, which now command a 40% market share, has started to turn down for the first time in 5 years.
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