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New Car Sales Plunge A Whopping 4.1% Yo Y

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http://www.ananova.com/business/story/sm_1940916.html?menu=

Fall In New Car Sales

New car sales dipped last month, with
4.1%
fewer sold than the same time last year.
The number of cars sold was 168,015.
Sales may continue to fall with the latest rise in the interest rate, said the Society of Motor Manufacturers and Traders.
Last month's sales took the total registrations for the year to just under 1.4m - 4.2% down on the January-July 2005 figure.
"Consumer confidence has clearly taken a knock in the last 18 months and yesterday's (rate-rise) announcement from the Bank of England will not help a weakened new car market," SMMT CEO Christopher Macgowan said.
"Two factors have kept some buyers away from showrooms this year.
The first is the effect of interest rate rises, the second is soaring fuel costs.

Another sign of the Miracle Economy unwinding. Knock-on effect will hit employment.

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http://www.ananova.com/business/story/sm_1940916.html?menu=

Fall In New Car Sales

New car sales dipped last month, with
4.1%
fewer sold than the same time last year.
The number of cars sold was 168,015.
Sales may continue to fall with the latest rise in the interest rate, said the Society of Motor Manufacturers and Traders.
Last month's sales took the total registrations for the year to just under 1.4m - 4.2% down on the January-July 2005 figure.
"Consumer confidence has clearly taken a knock in the last 18 months and yesterday's (rate-rise) announcement from the Bank of England will not help a weakened new car market," SMMT CEO Christopher Macgowan said.
"Two factors have kept some buyers away from showrooms this year.
The first is the effect of interest rate rises, the second is soaring fuel costs.

Another sign of the Miracle Economy unwinding. Knock-on effect will hit employment.

If people are also driving less it will reduce demand for oil and help keep a lid on inflation. :ph34r:

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If people are also driving less it will reduce demand for oil and help keep a lid on inflation. :ph34r:

Nope. People will use their older less efficient cars for longer. Doh :rolleyes:

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Just because less new cars are being purchased it does not necessarily follow that the demand for fuel will decrease as the preference may be to continue with their more mature cars. I have not changed my car for 6 years because I have a phobia of car salesman but I still have the same demand for petrol.

Great minds tinecu

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Just because less new cars are being purchased it does not necessarily follow that the demand for fuel will decrease as the preference may be to continue with their more mature cars. I have not changed my car for 6 years because I have a phobia of car salesman but I still have the same demand for petrol.

Great minds tinecu

Obviously not that great... :ph34r:

So rising fuel costs have put people off buying new cars because they prefer to drive their older less fuel-efficient model? That makes no sense.

I wasn't saying that the drop in car sales will result in lower demand for oil. My point was that both lower sales and lower demand will result from higher oil prices. The net effect on the economy is therefore difficult to predict.

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Obviously not that great... :ph34r:

So rising fuel costs have put people off buying new cars because they prefer to drive their older less fuel-efficient model? That makes no sense.

I wasn't saying that the drop in car sales will result in lower demand for oil. My point was that both lower sales and lower demand will result from higher oil prices. The net effect on the economy is therefore difficult to predict.

Surely its easy to get started with the 'net effects'. Less car sales persons will be required and less cars will need to be manufactured. Which leads to layoffs and unemployment and less consumer spending etc etc etc.

AFP

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http://www.ananova.com/business/story/sm_1940916.html?menu=

Fall In New Car Sales

New car sales dipped last month, with
4.1%
fewer sold than the same time last year.
The number of cars sold was 168,015.
Sales may continue to fall with the latest rise in the interest rate, said the Society of Motor Manufacturers and Traders.
Last month's sales took the total registrations for the year to just under 1.4m - 4.2% down on the January-July 2005 figure.
"Consumer confidence has clearly taken a knock in the last 18 months and yesterday's (rate-rise) announcement from the Bank of England will not help a weakened new car market," SMMT CEO Christopher Macgowan said.
"Two factors have kept some buyers away from showrooms this year.
And RB, it's worth pointing out that this decline is set against weak comparisons for 2005.
Look's like the 'miracle' economy is more of a mirage.
BTW, have you noticed the kind of deals you can get on 2nd hand cars now - fantastico!

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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