UK new car registrations plunged 30.5% in March to 313,912 units, the Society of Motor Manufacturers and Traders or SMMT revealed Monday. In the first three months of the year, market fell 29.7% or 200,000 units.
Volumes could slide below 1.7 million units by the end of 2009. The SMMT said the fall in the market indicates that government needs to do more to boost confidence and it expects the Chancellor, Alistair Darling to unveil market incentives in his budget statement on April 22.
Paul Everitt, SMMT chief executive said, A scrappage scheme will provide the incentive needed and the evidence is clear that schemes already implemented across Europe do work to increase demand. The UK is the only major European market not to implement a scheme.
According to SMMT, the Ford Fiesta was the best selling model for a fifth consecutive month in March.
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