Glass’s says the number of nearly new cars in the UK retail market has almost doubled in the last six months, indicating manufacturers are pre-registering ever larger numbers.
The valuer notes the number of sub-one year old cars sold in the UK during March was 91% higher than six months ago, in October 2014.
“While you would generally see an increase in sales of this type between October and March, this is much higher than we would expect,” said Glass’s head of valutations, Rupert Pontin.
“While some of these are early PCP returns, the unavoidable conclusion, based on what we are seeing in the market, is the vast majority of these are pre-registrations.
“It is no secret most manufacturers have set some very ambitious new car sales targets for this year and, while the market remains strong, there is simply not enough demand to make them attainable in many cases. Hence the number of pre-regs we are seeing.”
Pontin added Glass’s was finding franchised dealers and other retailers of cars in this area of the market had more than enough stock of late plate vehicles, especially as new cars were so financially appealing for customers at the moment.