Cheap car insurance news
18/12/2008
Sales of new cars in UK are tumbling
UK new car sales tumbled a massive 37% last month as fears surfaced that the car insurance industry might be affected by the economic downturn if there were fewer cars on the road.
Recording the steepest drop since 1980, just over 100,000 vehicles were sold in November compared to 158,000 last year.
In attempts to combat the recessionary winds, dealers are trying to offer tempting deals as well as reducing prices.
Buy one car, get another free is being offered by some, while 0% interest free deals combined with free insurance for car drivers and other incentives are available in many showrooms.
With many nearly new as well as brand new cars flooding the market, over-supply has meant many factories have been forced to close. But it is predicted that this issue could resolve itself in a few months and the current bonanza of money-saving offers will come to an end.
Motorpoint, the car supermarket, has been offering various price drops including offering Vauxhall Vectras cheaper than a Corsa.
With fewer cars being sold, it is likely some people may be switching to other forms of transport, leading to fears that car insurance companies might be hit by the credit crunch times.
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