Car registrations in March rise 12.4% as private buyers return

New car registrations rose by 12.4 per cent in March as the market saw a recovery in private buyer interest.

The figures, compiled by the Society of Motor Manufacturers and Traders (SMMT), show that 357,103 vehicles were registered during the month, representing a 12.4 per cent year-on-year increase. March is traditionally a strong period in terms of registrations, owing to the number plate change which is introduced at the start of the month.

The SMMT says that the new car market saw a ‘recovery’ in private buyer interest in March, which has dwindled in recent months, with a 14.5 percent rise in this area of registrations.

Registrations were up across the board for all types of electrified vehicles, too, with hybrid, plug-in hybrid and battery-electric vehicles up 27.7, 37.9 and 43.2 per cent, respectively. The SMMT says that electric vehicle registrations in particular grew as a result of ‘significant discounting’. Because of these factors, March became the largest month ever for EV registrations, with 69,313 new battery-powered vehicles registered during the month.

Mike Hawes, SMMT Chief Executive, said: “A welcome return to growth, and substantial growth at that, is a fillip for the industry. Moreover, with March being the best month ever for electric car registrations, there is reason for optimism. Manufacturers remain committed to the market decarbonisation the country and the environment demands, but we need sustained growth, not a short-term bubble driven by unsustainable manufacturer discounting and drivers rushing to beat a tax hike.

“Without substantive government support for consumers, the current regulatory regime is undeliverable. A rapid response to the government consultation is therefore needed – one that adds flexibilities that reflect the natural level of demand and supports the industry to deliver growth in the face of a tough set of global challenges.”