UK car registrations have hit yet another all-time high throughout 2016, with approximately 2.7 million new cars registered in the past 12 months according to new data.
The Society of Motor Manufacturers and Traders (SMMT), said that this by far eclipses the previous record of 2.6 million cars registered the previous year, outperforming 2015 by 2.2 per cent.
SMMT chief executive Mike Hawes said that despite a number of economic and political challenges to the industry, consumer confidence has remained remarkably strong.
He attributed the high demand to the availability of low-interest finance options, the amount of new cars now available and pent-up demand carried over from the recession in the mid-2000s.
However, Mr Hawes warned that 2017 is unlikely to produce another record breaking figure and the SMMT estimates that new car registrations will fall by between five and six per cent throughout the year.
Economic uncertainty caused by the Brexit negotiations, changing exchange rates and the new VED tax rules would remove some of the incentives to go out and buy a new vehicle, he said.
He did note, however, that registrations of around 2.5 million were likely and would still be an extremely strong figure in context, and downplayed concerns of a dramatic drop-off in car sales.
