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7/1/08

New car sales in 2008 dipped below 2.2 million to their lowest level since 1996 according to figures published by the SMMT.

Registrations for the year fell to 2.13 million, 11.3 per cent down from 2.4 million sales in 2007.

Sales for December slumped by 21.2 per cent to just 108,691 units and marked the eighth successive month of decline.

 6/1/08

Thousands of cars on personal contract plans are being handed back to finance companies because the owners face negative equity.

People who bought prestige models have suffered the most because a nosedive in second-hand prices has meant they owe more than the car is worth.

According to a car magazine the shortfall for drivers across the country has reached £272 million.

Customers who buy cars on PCPs are quoted a future final payment but are not required to buy the vehicle at the end of the agreement.

5/1/08

Chrysler has received $4bn from the US government to keep it from collapse.

The funds were provided on Friday, and will give the carmaker working capital while it restructures.

It has been set a deadline of March 31 to restructure and prove its viability to the government.

The US gave a $5.4bn loan to General Motors earlier last week in similar circumstances