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Brits’ appetite for new cars continues to hot up

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Figures from the Society of Motor Manufacturers and Traders (SMMT) shows that new car registrations hit 172,907 in July, a monthly rise of 6.6 per cent and the 29th consecutive month of growth.

The figures have prompted the group to upgrade its annual forecast for this year the SMMT now expects 2.45m new cars to be sold in the UK in 2014.

Mike Hawes, SMMT Chief Executive, said, July saw the new car market extend its record period of growth to a 29thmonth, as confident consumers took advantage of an array of new products and attractive finance deals on the latest fuel-efficient new cars.

The continued positivity has led to an uplift in the SMMT full year forecast to 2.45 million passenger car registrations, a rise of 8.1%. However, the more moderate growth of the last three months shows that overall demand is beginning to stabilise.

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