Dramatic slump in new car sales

The level of registered new car in the UK fell by almost 30% in January 2009, this is a reflection of the lack of consumer credit and poor economic conditions. Hardest hit has been the luxury end of the market, with the reduced number of buyers left in the market looking for more modest vehicles.

Many European car makers have either cut or completely suspended production to help ease the backlog of new vehicles waiting to come on to the market. January's figures mark the ninth successive fall in new car registrations.

In these tough economic times, there are signs of a modest uplift in the second hand car market; a much needed boost for Motor Traders. At iQuote Insurance we would also like to help hard pressed traders, if you take out a Motor Trade policy with us during February, you can save up to 20% off your renewal premium!