March car sales in Wales were 19,885, just 2.1% up on 12-months earlier and the lowest increase in Britain, said the SMMT. With a new plate being introduced, March is traditionally the highest month for registrations and across the UK and they were 8.4% up nationally to 562,337, the highest on record. The jump was largely due to the rise in VED rates from 1 April which will affect every … [Read more...]
Analysts expect 2017 car sales to fall
The UK new car market will fall by around 3.5% next year to around 2.6 million cars, predicts Glass’s. However, while the figure looks disappointing in isolation, the vehicle data provider points out that this will still be higher than any year in the last decade except 2016. Rupert Pontin, director of valuations, said: “We have become used to the new car market growing on a year-by-year … [Read more...]
Tougher times ahead for motor trade, warn Glass’s
Consumer finance data is already beginning to highlight some areas of concern and these must be recognised and confronted, says Glass’s. There is an expectation that new car registrations will fall in the coming year. This is unlikely to be of issue to the manufacturers though, as the European new car market is showing signs of growth and consistency and as such production volume that 6 months … [Read more...]
PCP schemes expected to cost more
The falling value of the pound is likely to see monthly PCP new car payments rise in 2017, predicts Glass’s. The vehicle data specialist says that manufacturers importing their vehicles into the UK will need to recoup margins somewhere and that PCP payments are the least unpalatable choice. Rupert Pontin, director of valuations, explained, “The pound fell in value by about 20% against the … [Read more...]
Low prices mean higher margins
A growing trend in recent years means that a sizeable minority of dealers and traders will continue to buy stock well into December in order to “grab a bargain,” says Glass’s. The vehicle data provider says that dealers are even willing to buck recent trends and acquire stock that needs more work, because the margins attainable are so much higher than usual. Rupert Pontin, director of … [Read more...]
Hybrids hopes challenged by new EVs
Hybrids are likely to be a passing phase in car technology that will be surpassed by electric vehicles in a matter of a few years, predicts Glass’s. The vehicle data provider says that EV technology is advancing so quickly that a new hybrid vehicle being bought today could be effectively obsolete by the time it reaches the end of its normal life. Rupert Pontin, director of valuations, said, … [Read more...]
Next growth area for PCPs will be tourers and motorhomes
Staycations or stay-at-home holidays in the UK are set for a boost with, for the first time, PCPs becoming widely available in the motorhome and touring caravan market. According to vehicle data provider Glass’s, the finance product, which has revolutionised the new car market in recent years, will make leisure vehicles much more affordable and potentially bring a wave of new buyers. Rupert … [Read more...]
Hidden or closed intranet sales distorting used sales
The growing use of “upstream marketing” by motor manufacturers and leasing companies could explain why the long-heralded explosion in used car numbers has so far failed to materialise. The advanced strategy – designed to defleet cars quickly through online channels – could explain the smaller-than-expected increase in used car numbers hitting the wholesale market in Q3 2016, a development that … [Read more...]
PCP contracts and condition clauses surprise motorists
More may need to be done to educate the rapidly rising number of PCP customers about the condition in which their lease car should be returned, says Glass's. The vehicle data provider says that it is receiving notable anecdotal evidence from the trade that some customers are shocked to find that there are potential financial implications surrounding the vehicle's return. Rupert Pontin, … [Read more...]
Greedy dealers are losing money on sales
Fleets "hanging onto" cars and vans in an attempt to achieve unrealistic and inflated valuations are causing distortions in the used car and van markets, say Glass's. Reluctance to sell below these guide prices, and continually resubmitting vehicles for sale at the same or other auctions, creates a range of problems, said Rupert Pontin, director of valuations. He explained: "Lately, we are … [Read more...]