CAR MARKET SLUMP

The new car market has taken another turn for the worse. Just under 81,000 new cars were registered in February, down 2.8% on the same month last year, according to the Society of Motor Manufacturers and Traders (SMMT). The drop was driven by a 23.5% slump in the number of new diesel cars bought. Diesels had a 35% share of the market last month, down sharply from 44.5% in February 2017. Chancellor Philip Hammond announced a tax hike on new diesel cars from April 1 in the last Budget.

February is traditionally one of the quietest months of the year ahead of the March number plate change.

SMMT chief executive Mike Hawes said: “Although the new car market has dipped, it remains at a good level despite the drop in demand for diesel.”