Rising costs put brakes on car sales
CAR sales slumped by 11.9 per cent last month as motorists, already affected by soaring fuel bills and the credit crunch, cut their spending, new figures revealed yesterday.
Just 83,425 private buyers took delivery of a new car last month, 11,292 fewer than in June 2007. Overall sales, including company cars, dropped 6.1 per cent, the biggest fall this year.
The Society of Motor Manufacturers and Traders (SMMT) blamed the sales collapse on higher petrol prices and rising interest rates for car loans, along with spiralling food and energy costs.
"We are now seeing concerns about rising fuel bills and household costs dampening consumer confidence, leading to slower demand," said Paul Everitt, the SMMT's chief executive.
"This slow-down is not unexpected, but signals an increasingly tough retail environment."
The full article contains 140 words and appears in The Scotsman newspaper.
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Last Updated:
04 July 2008 10:45 PM
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Source:
The Scotsman
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Location:
Edinburgh
