Huge fall in new car registrations

According to recent report there has been a huge fall in the number of new car registrations, as consumers battle to try and weather the effects of the global credit crunch and the slowing economy. The Society of Motor Manufacturers and Traders (SMMT) has announced that September saw new car registrations fall by a massive 21%.

This is the fifth month in a row where new car registrations have fallen according to SMMT figures. The SMMT now wants the government to take action to try and restore consumer confidence, as it states that these figures show that the current financial crisis is having a profound effect on the wide economy.

Paul Everitt, chief executive of the SMMT, said: “This represents the worst decline in new car and commercial vehicle registrations since 1991.” The SMMY thinks that it could be the latter part of next year before the market starts to stabilise.

Officials from the SMMT have also expressed concern that the government is preoccupied with the financial crisis and is not paying enough attention to the real term effects of the problems, stating: “We’re hearing a lot about what’s happening with the banks but there are concerns that these real economy impacts are not really registering.”