Anthony Hilton: Car sales kickstarted by compensation payments
Saturday 06 July 2013
The motor industry said on Thursday that it had sold well over 1 million new cars in the first half of the year, and that overall sales are up on last year by more than 10%.
Surprisingly, given the much-publicised squeeze on family incomes over the past few years and the dearth of consumer spending in the high street, it is private buyers who are leading the charge. Sales to individuals were up 17.1 per cent in the first six months and up 21% in June.
The industry says it is “delivering desirable new products with tangible cost savings from the latest fuel-efficient technology.” Well it would. Warwick Business School, by contrast, says the sales surge is a sign of returning consumer confidence and also of a lack of second-hand cars after several years of depressed sales, so people have to buy new. But the explanation I like best came from Lorna Tilbian of the broker Numis: thousands of households have received payments of several thousand pounds each as the banks begin to settle mis-selling claims. That, she suggests, is behind the surge in new car sales.
- 1 Michelle Rodriguez: Fast & Furious actor apologises after telling 'minorities' to stop taking on 'white' roles
- 2 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face the death penalty
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 Robert Mugabe eats a zoo for 'obscene' 91st birthday party
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...