Private car buyers helped new car sales rise by 8.4 per cent to 166,797 in October, new figures have revealed.
According to SMMT (the UK society of motor manufacturers and traders) the latest increase exceeded expectations, with last month’s figures registering the best monthly growth in new car sales since December 2005.
The motoring body found that private demand was up 5.6 per cent last month to 67,720 – taking a 40.6 per cent share of the market in the process. Posting even better figures was the fleet sector, which registered a 9.1 per cent rise in demand to 88,888 units.
The business sector, consisting of fleets of fewer than 25 vehicles, recorded growth of more than 23 per cent to 10,189.
Overall sales in the first 10 months of the year rose by 2.5 per cent to more than 2.1 million – exceeding full-year sale predictions made earlier in the year by the SMMT of 2.375 million units.
Christopher Macgowan, SMMT chief executive, commented: "After a strong September, one of the key months for car buying, we are pleased, if a little surprised, that the growth has continued into October."
"After interest rate rises and the ongoing concerns within the banking sector we expected private demand to weaken," he added.
