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Deloitte comments on SMMT October car sales figures

06 November 2023

Jamie Hamilton, automotive partner and head of electric vehicles at Deloitte, said:

“While car purchases have increased, the marginal growth of private sales compared to fleet sales, will be a concern for the industry. This isn’t surprising - the cost-of-living crisis having eroded consumer spending power and pushed many to delay major purchases.

“A survey of 3,100 respondents in the Deloitte Consumer Tracker revealed that the percentage of UK consumers planning to buy a new car in the next three months has fallen from 5.4% in Q2 to just 4.3% in Q3.

“Even though the number of EV models available is increasing, price remains an issue for some consumers. A more established used car market for EVs will also allow more certainty around residual values, helping to offer competitive pricing as cost conscious consumers continue to face financial pressures.

“With growth of EV sales among private consumers stalling, there needs to be more focus on removing the main barriers preventing the average consumer from contemplating a switch to electric. This includes continued improvement in the underlying charging infrastructure which will also be crucial if growth is to keep up with the rising sales thresholds the government has mandated for subsequent years.”