As compared to the same month last year, new car registrations surged by as much as 57.6% across UK as customers raced to buy vehicles before the VAT returns to its standard value again. The rise in registrations has managed to off-set last year's loss in a way, and the number is now more-or-less equal to its November 2007 figures.
The numbers, shared by the Society of Motor Manufacturers and Traders, confirm that although in the current year to date, the number of vehicle registration were down by 8.8%, at 1.84 million units, as compared to the previous year, for the complete year, the number is likely to exceed 1,975,000 units.
"The increase in new car registrations in November reflects the positive impact of the scrappage incentive scheme, customers avoiding the VAT increase in January and the very difficult conditions we experienced a year ago", shared Paul Everitt, the SMMT’s Chief Executive.
The group is now urging the Government to extend the deadline of the VAT "scrappage" scheme, and provide some addition stimulus measures so that sales can get even better. More registrations would definitely help the economy recover faster.