With the announcement that the UK has once again entered recession, it is only natural that areas such as the motor industry come under close scrutiny. Buying a vehicle can often be seen as a luxury, and in difficult economic times it can be very easy for consumers to put this decision to the back of their minds.
Our recent article on Gap Insurance on high priced vehicles, highlighted the issue of protecting your luxury motor car, but are these vehicles still being purchased?
The Motor Industry in 2012
A recent report released by the motor industry, showed that motor sales figures are on the rise compared year on year. Although still behind the pre recession figures are still to be attained, there is a clear indication that the shoots of recovery are being seen in the car market.
Consumer confidence has risen, and this combined with the fact that manufacturers are still being proactive in bringing out new models, means that without the showrooms exactly buzzing with activity, the car industry is bucking the trend of many in difficult times.
The fleet market remains steady, but it is the private ‘retail’ sector that shows real signs of encouragement, with up to 7% higher sales when compared with the same period last year.
Will this trend be continued?
Motor trade bucks the trend!
Well there will no doubt be rock times ahead, but the motor industry have approached this period aggressively. They could have been a general apathy, however, certain manufacturers have taken the opportunity to blood new models. Attractive finance packages and discounts have enticed consumers to the showrooms, and even though your vehicle is a large investment that is pretty much guaranteed to lose you money, people will still buy cars if the deal and product is right!
More models are planned from a range of manufacturers in 2012 and beyond.
Perhaps the politicians should take note of the motor industry?