Demand For Fuel-Efficient Cars Bolsters Industry

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Demand For Fuel-Efficient Cars Bolsters Industry

August 9, 2012

The increasing number of fuel-efficient cars being made available to UK buyers is boosting new car registrations, according to the Society of Motor Manufacturers and Traders (SMMT).

The SMMT revealed that more than 143,000 new cars were registered in July this year. This is a 9.3% increase on the number of car registrations the same time last year.

According to the society's figures almost 46% more registrations were recorded in July for hybrid and electric cars - indicating that car insurance holders are looking to reduce running costs.

As a result the SMMT has increased it's predictions for this year, taking the overall figure up to 1.97 million.

Commenting on behalf of the SMMT, Paul Everitt stated:

"New car registrations rose 9.3% in July, continuing the upward trend seen during recent months. SMMT's full year forecast is for 1.97 million cars to be registered during 2012 suggesting a slight slowing of demand in the second half of the year."

Mr Everitt added that whilst economic stability is on the fore-front of car manufacturer's minds, the increasing competition and "new fuel-efficient cars are creating great opportunities for motorists."

Source: http://www.mirror.co.uk/money/city-news/new-car-registrations-rise-by-93-1229137