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Decline in new car registrations; what do car buyers want in 2019?

Apr3

Decline in new car registrations; what do car buyers want in 2019?
The Society of Motor Manufacturers and Traders (SMMT) have reported that new car registrations declined by 3.4% last month, despite an unusually stable February (a rise of 1.4%). The decline can be attributed to political uncertainty and confusion over diesel affected demand. The SMMT have also offered some insight on how your organisation can give consumers what they want by analysing the UK’s top car buying trends from last year. 
 
Whether it be vehicle colour, size or environmental impact, have a look at the following industry trends to improve your business’ sales practices:
 
  • Monochrome colours take the top spots
    Nearly 21% of 2018’s new car purchases were painted grey, making this shade the most popular vehicle colour of the year. Both black and white cars followed closely behind, taking 20% and 18 per cent of the market share, respectively.
  • Small vehicles stay popular
    In terms of vehicle size, industry trends provide that smaller is better. Superminis remained the most popular car size in the market share last year, taking one-third of total sales. 
  • Environmentally-friendly options rise
    As alternatively fuelled vehicle options increased in availability, many new car buyers decided to ‘go green’ in 2018. Hybrid, plug-in hybrid and battery electric car sales grew by 27% throughout the year. There are already approximately 40 plug-in vehicles available, with 20 more expected to hit showrooms during 2019.

 

Manage Your Risks

As industry trends change, so does your organisation’s insurance needs. A complete appraisal of what you face and a bespoke policy will help protect your business and ensure future profitability.
 
Contact Higos Insurance Services Ltd today on 01458 270 428 for more information on crafting a robust motor trade insurance policy.
 
For more information on how we can help protect your business, visit our Motor Trade page or complete our online quote request form.
 
Our previous blogs regarding your Motor Trade business may also be helpful:
 

 

Posted by: Higos Insurance Services Ltd