Vehicle trends so far in 2019
According to the SSMT, one in ten workers in the UK now use or depend on a van for their work. This is a total of around 3.4 million people. Vans currently contribute £56 billion to the UK economy from wages alone. There has been growth in the light commercial vehicle sector in recent years and is up 59% since the year 2000. There have been six consecutive months of growth for UK new van market as registrations rise 13.5% in June. The trend of increased commercial vehicle purchases is in line with the demand for loans from Bira Bank and we are always happy to provide competitive rates that contribute to this continued growth.
The SMMT also comment on the used vehicle market, highlighting the general stability with only a -0.6% change in comparison to Q1 2018. Some interesting figures regarding the growth of alternative fuel vehicles were also mentioned. It seems that demand for hybrid, plug-in hybrid and pure electric cars has continued to grow by 30.7% with 32,272 vehicles changing hands in Q1. Black was the best-selling colour choice in Q1, and pink (which was the least popular colour choice) increased by 27.1% in transactions.
Demand for new cars took a hit in April as according to the SSMT, Zero emission-capable plug-in hybrids fell by more than a third. We expect demand for new vehicles to rise as the new registration plates are released on the 1st September.
The motor industry is now celebrating 20 years of sustainable growth
According to the ‘Annual Sustainability Report’, the motor industry has gone from strength to strength in terms of growth with regard to turnover, decrease in co2 emissions and an increase in new car registrations. Since 1999, wages within the industry have increased by 85% in comparison to 61% across the whole economy. We hope for this success to continue into 2020 and are expecting more of a push towards electrically powered vehicles the next few years. We are also expecting hydrogen-powered cars to take off in the not too distant future due to the potential effectiveness and sustainable qualities that they have.
Contact Bira Bank
If you want to find out more about how our vehicles loans could assist with your next vehicle purchase, call David or Frank on 0121 446 6688 (option 4). Visit our vehicle loan page to see our competitive rates of interest.