Private new car registrations improved slightly in April but still remained well below pre-Covid levels as demand continued to be impacted by a sharp decline in real incomes and ongoing supply chain disruptions.
Registrations increased from the 61,900 recorded in March to 64,900 last month, according to the Society of Motor Manufacturers and Traders, above April 2021’s 61.900 print but short of April 2019’s 67,800.
Total registrations, including business and fleet sales, totalled 119,000, below both April 2021’s 141,600 reading and April 2019’s 161,100 print.
The SMMT also pointed out that a decline in the year-on-year growth rate of private registrations to 4.8% from 8.2% in March was primarily the result of a jump in sales seen last April after UK-wide lockdown measures were eased.
Pantheon Macroeconomics expects private car sales to remain “well below” pre-Covid levels for the remainder of the year, as consumers continue to tighten their belts amid a sharp rise in CPI inflation.
