UK’s New Car Sales Boom, But Where Are the Private EV Buyers?

Uncategorised

Hey, auto enthusiasts! 🚗 So, there’s been a significant boom in new car sales this August—a whopping 24.4% increase compared to last year. But guess what? The surge is mainly from fleet sales, not private buyers. Let’s dig into the details.

The Big Picture

  • 85,657 new cars hit the UK roads this August. 🛣️
  • Fleet sales skyrocketed by 58.4%. 🚀
  • However, private car registrations dropped by 8.1%. 😟

What’s Electrifying the Market?

  • 38% of new registrations were ‘electrified vehicles’, including hybrids and full EVs. 🔌
  • Battery Electric Vehicles (BEVs) saw a 72.3% jump, grabbing a 20.1% market share. 🍃
  • Plug-in Hybrids weren’t far behind, with a 70% increase in sales. 🔄

Concerns and Calls for Action

While the fleet sales are buzzing, industry experts are a bit concerned about two things:

  1. Zero Emission Vehicle Mandate: Set to kick in 2024, the government is yet to release the rulebook. 📜
  2. Lukewarm Private Buyer Interest: Despite the buzz around EVs, private buyers are still hesitant to make the switch. 🤔

Mike Hawes, the big boss at SMMT, is urging the government to take quick action. He says businesses need clarity on the upcoming Zero Emission Vehicle Mandate. Also, he’s calling for incentives to encourage more private buyers to go electric. 📣

So, there you go! The car market’s roaring, but it seems like we need a little nudge from the government to get more private buyers to join the EV party. Watch this space for more updates! 🚗💨

Oasis Motor Finance Limited is a company registered in England and Wales with company number 10055340. Oasis Motor Finance is regulated by the Financial Conduct Authority with Financial Services reference number 757830.

Contact

Oasis Motor Finance Limited

Trident Park, Trident Way, Blackburn, Lancashire BB1 3NU

Oasis Motor Finance Limited is a credit broker and a lender.
We look to find the best rate from our panel of lenders, which we are part of and will offer you the best deal that you're eligible for. We don't charge a fee for our service, but we do earn a commission. This does not influence the interest rate you're offered in any way.

Applicants must be 18 years or over. We are only able to offer finance products from our providers.

Oasis Motor Finance Limited are registered with the Information Commissions Office under registration number: ZA196536.