Latest SMMT data shows that a total of 2,476,435 new cars were registered in the UK in 2014 – up 9.3% on 2013 and representing the most registrations in a calendar year since 2004. Fleet sales rose 8.7% over the whole of 2014, with a total of 1,178,416 units compared with 1,084,279 for 2013. The sub-25 business sector saw even stronger growth, with 2014 registrations up 12.0% to 118,520 units from 105,836 the previous year. And private registrations also continued to grow, with a rise of 9.8% for 2014 to 1,179,499 units.

John Leech, head of automotive for KPMG in the UK, commented, said: ‘UK new car sales grew 9.3% in 2014 to reach a 2.48 million cars, a 10-year high. This growth has been fuelled principally by cheap loans and strengthening consumer confidence.  Recently Sterling has been appreciating against the Euro which should see new car prices fall in early 2015 and I expect the demand for mass-market new cars to plateau into 2015.’