March saw the highest number of new car registrations in a single month for a decade, new figures have revealed.
According to the Q1 new car registrations report by the Society of Motor Manufacturers and Traders (SMMT) released today (4 April), registrations for the new 14-plate hit 464,825 last month. This was a rise of 17.7 per cent compared to 2013 and was the highest figure since March 2004.
March is typically the most active month for car registrations, accounting for around a fifth of the total annual registrations, as it sees the release of that year's new reg plates. Subsequently, car dealers and garages alike will need to ensure their motor trade insurance policy covers any substantial spikes in business activity that come as a result of this – speaking to policy providers is a good way of making sure you have the right cover for your company’s changing needs.
In total, the SMMT figures revealed that year-to-date registrations stand at 688,122 units, a 13.7 per cent increase on what had been achieved by this time last year.
March 2014 also saw the highest ever volume of alternatively-fuelled vehicle sales, which rose by 63.8 per cent on 2013 to 8,713 units. Companies could also be required to factor this into their motor trade insurance policy; as more of these types of vehicles enter their premises further down the line, they will need to make sure they are included in the cover.
In terms of colour, white was the popular choice in March 2014 while the Ford Focus topped the sales chart ahead of the Vauxhall Corsa and Volkswagen Golf.