UK Car Sales Zoom in July, But Where Are the Private Buyers?

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Hey folks! ๐Ÿš— If you’re into cars, you’re gonna love this: July 2023 was a blockbuster month for UK car sales, despite a bit of economic gloom. But there’s a catchโ€”letโ€™s dive in.

The Need-to-Know Numbers

  • New car registrations surged by 28% in July compared to last year. Yep, you read that right! ๐Ÿ“ˆ
  • 143,921 new cars hit the streets, the highest since July 2020. ๐Ÿš˜
  • But heads up: this growth is a bit inflated since July 2022 was a low point for car sales. ๐Ÿ˜ฌ

Whatโ€™s Fueling the Growth?

  • Supply chain issues are less of a headache now, meaning more cars are rolling out of factories. ๐Ÿญ
  • Company purchases led the way, with fleet registrations up by a massive 62% to 80,961 units! ๐ŸšŒ

The Electric Angle

  • EVs are buzzing too, with one battery electric car registered every minute. โšก
  • Electric and hybrid vehicles made up 35.4% of the market. That’s a lot of green wheels! ๐ŸŒฟ

Now, The Not-So-Great News

  • Individual car purchases are “in the doldrums,” says Pantheon Macro. ๐Ÿคท
  • Tough times like inflation and high interest rates have caused a 0.7% downgrade in expected vehicle registrations for 2024. ๐Ÿ’ธ

What’s Next?

  • Car sales for the rest of 2023 are expected to be 10-15% below pre-COVID levels. ๐Ÿ“‰
  • SMMT says we need even faster EV growth to hit environmental targets. ๐ŸŒ

So, while the car marketโ€™s revving up, especially on the business side, weโ€™re still waiting for a full-throttle recovery. Whether you’re into EVs or still contemplating the switch, one thingโ€™s for sure: the UK car landscape is changing fast. Keep your eyes on the road for more updates! ๐Ÿš—๐Ÿ‘€

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