Monday, 2 July 2012

UK new car market outgrows rest of Europe

I’m not normally the kind of person who keeps an eye on the economy, but the recent recession and economic downturn has got me interested. It is in my best interest for the economy to start growing again and the news of a double dip recession was not good. But, there is encouraging news coming from the Prime Minister and I hope he is right.

A good way to measure the UK Economy is by evaluating the property market and the automotive market. The property market is currently in a stalemate, where people don’t want to sell and buyers can’t get mortgages. Finance wise I suppose the automotive market is in a similar place, but according to reports fleet and businesses are not reselling their old stock as eagerly as they use to.
For most UK families buying a house is the largest financial commitment, buying a car is a close second. According to JATA Dynamics (automotive intelligence provider) the UK car market is outperforming much of Europe for new car sales. Total European sales were down 6.1% in April and 7.1% year-to-date.

JATA Dynamics breaks down Europe and indentifies five large markets, Germany, UK, France, Italy and Spain. Out of these five only the UK and Germany recorded increases, France recorded a small decrease, while Italy and Spain recorded significant declines in sales.

Although the UK automotive market is still down compared to 2011, April showed the lowest drop in month-on-month sales so far this year. The Volkswagen Golf and Ford Fiesta maintained their positions as Europe's top selling models. A Ford dealership and VW car dealers are a good place to be right now!
Here is the list of the top 10 brands for April 2012:

1.    Volkswagen
2.    Ford
3.    Renault
4.    Peugeot
5.    Vauxhall
6.    Citroen
7.    Audi
8.    BMW
9.    Fiat
10.    Mercedes-Benz

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