car sales hastings

The UK car market took a hit in March, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT).

UK car registrations were down 15.6 percent year-on-year in March, with demand for diesel vehicles dropped significantly over the month, down 37 percent. In contrast, demand for petrol cars rose by 1 percent.

These disappointing figures follow on from those at the end of 2017, that showed new car sales falling for the first time in six years. Car sales decreased by 5.7 percent over the year to around 2.5 million vehicles.

However, it must be remembered that March of last year was a record month, as consumers and businesses snapped up new vehicles ahead of a change in Vehicle Excise Duty the next month.

The full data will be published later on Thursday morning by industry body SMMT.

Demand for diesel cars plunged by 17 percent last year, meaning the pace of decline for such vehicles in March has more than doubled.

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Miranda is the online editor of UK Investor Magazine. Her interests include private equity, crowdfunding, peer-to-peer lending, gender equality and coffee.