Car sales up in 2007 - interest rates down in 2008?

‘The increase in new car sales in 2007 shows that consumer confidence weathered the economic storms, but interest rates must come down in 2008 for this level of demand to continue,’ said Sue Robinson, director of the RMI’s National Franchised Dealers Association (NFDA), commenting on 2007’s new car sales figures.

Robinson believes that the uncertain economic situation and increasing environmental awareness will inform car-buying choices in 2008: ‘Smaller family cars and superminis will be high on the agenda, as families look for vehicles which are more economical to run and are more positive for the environment.’

Robinson added: ‘Current rising household costs will have an impact on other major purchases, so the Government and the Bank of England needs to help balance the situation through maintaining lower interest rates.’