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Page 69
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SMMT figures show unprecedented confidence in the used market, which in turn shows confidence in the economy.
The increased sales of used CVs predicted by the vehicle trade have been confirmed by the 2003 figures just published by the Society of Motor Manufacturers andTraders.
Sales of light CVs rose 8.4% last year to 761,497, although the fourth quarter increase was a more modest 2.6"10.to 172,918.
Sales of used HGVs rose by 5.8% to 77,8.This reflects a buoyant narketPlace despite external factors that were expected to Jepress sales last year, such as the traq war, unstable oil prices, a shaky economy and rising truck imports.
Registrations of new CVs over 3.5 tonnes topped 55,590 last year; up 7.1% on 2002. Sub-3.5-tonne registrations increased from 257,47 to 296,194.
Used sales outpaced new by 2.3:1 overall, and in the vibrant used van market du ratio was 2.6:1. By contrast, at the top of the weight range the used/new ratio was just 1.4:1.
SMMT chief executive Christopher Macgowan says the 2003 figures reflect buyers' confidence in the economy.
• CM will he analysing the 2003 figures and reviewing eacl manufacturer's performance in the coming weeks. •