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UK car sales reach four-year high UK car sales reach four-year high
(36 minutes later)
UK new car registrations rose 5.3% in 2012 to 2.04 million - the highest level since 2008, according to the SMMT car industry body.UK new car registrations rose 5.3% in 2012 to 2.04 million - the highest level since 2008, according to the SMMT car industry body.
Ford's Fiesta and Focus, and Vauxhall's Corsa and Astra were the four best-selling models.Ford's Fiesta and Focus, and Vauxhall's Corsa and Astra were the four best-selling models.
The Volkswagen Golf came fifth, with the Nissan Qashqai in sixth place.The Volkswagen Golf came fifth, with the Nissan Qashqai in sixth place.
"Looking ahead to 2013, we anticipate the market will hold firm," said the chief executive of the SMMT, Paul Everitt."Looking ahead to 2013, we anticipate the market will hold firm," said the chief executive of the SMMT, Paul Everitt.
Others were less sure.Others were less sure.
"As we look to the year ahead, the real question is whether this demand will hold," said Richard Lowe, head of retail wholesale at Barclays."As we look to the year ahead, the real question is whether this demand will hold," said Richard Lowe, head of retail wholesale at Barclays.
"Consumer pockets will continue to be squeezed," he said, before adding that "manufacturers and dealers will have to be careful that supply does not outstrip demand"."Consumer pockets will continue to be squeezed," he said, before adding that "manufacturers and dealers will have to be careful that supply does not outstrip demand".
'Offers and incentives''Offers and incentives'
Last year's growth rate was the fastest in 11 years, bolstered by a 106,346 or a 12.9% rise in demand from private individuals, who bought about 929,000 of the 2,044,609 units sold.Last year's growth rate was the fastest in 11 years, bolstered by a 106,346 or a 12.9% rise in demand from private individuals, who bought about 929,000 of the 2,044,609 units sold.
The overall rise in registrations was the second annual increase since the start of the downturn in 2008, though the market remained 14.9% below its pre-recession peak in 2007, when 2.4 million cars were sold.The overall rise in registrations was the second annual increase since the start of the downturn in 2008, though the market remained 14.9% below its pre-recession peak in 2007, when 2.4 million cars were sold.
In December, 123,557 cars were registered, 3.7% more than in December 2011.In December, 123,557 cars were registered, 3.7% more than in December 2011.
"December's figures wrapped up a positive year for the industry, which saw consumer demand driving sales," said Mr Lowe."December's figures wrapped up a positive year for the industry, which saw consumer demand driving sales," said Mr Lowe.
In a statement, SMMT said: "Offers and incentives and some buyers shifting from buying used to new cars could have contributed to the upturn."In a statement, SMMT said: "Offers and incentives and some buyers shifting from buying used to new cars could have contributed to the upturn."
Rising prices for second-hand cars, which are scarce following years of weak sales, could also have contributed to a shift in buying patterns.
"This stock shortage is a long term issue and is unlikely to change until new car volumes pick up significantly and the economy improves enough to generate a bigger churn of vehicles in the marketplace," according to British Car Auction's communications director Tony Gannon.