Van sales decline during credit crunch
Van sales decline during credit crunch
The number of brand new van purchases has dropped by eight per cent over the last year, the Society of Motor Manufacturers and Traders (SMMT) has claimed.
Volumes have been declining gradually throughout the year with last month's sales down by 35.2 per cent.
SMMT chief executive Paul Everitt said: "October's banking crisis and UK recession has made another big dent in van orders."
Demand is expected to drop sharply before steadying at the end of 2009 to recover in 2010, he added, but the outlook remains poor with "tough" trading conditions for all businesses.
Commercial drivers meanwhile, who are keeping their current models to save finances, have been urged to ensure they have appropriate cover by not cutting back on van insurance.
Owners of older vans with outdated security systems in particular might want to take added precautionary measures because they are more vulnerable to theft.
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