Falling oil prices are causing global shockwaves and having a noticeable impact on our everyday lives. The motor trade industry is one of the major sectors feeling the effects, with price slumps affecting both individuals and businesses.
Falling petrol prices
The falling price of petrol goes hand in hand with a cheaper bill when filling up the tank. According to the latest statistics from the RAC Foundation, UK drivers spent a total of £2.57 billion on fuel in December 2014, a figure that represents £330 million less than last July’s monthly spend. The Sunday Telegraph has predicted yet another year of savings, anticipating that in 2015 British motorists will cut fuel costs by around £4 billion. This equates to savings of £140 per motorist.
An increase in the number of new cars on the road
Petrol prices may be falling but according to The Society of Motor Manufacturers and Traders new car registrations are on the rise. In 2015 the society reported the registration of almost 2.5 million new vehicles. This is the highest recorded figure in 10 years and represents a 10% jump from 2013’s stats! So what does this mean for British roads? The Department for Transport revealed that by the end of 2014 there were over half a million more cars on the roads than in December 2013. Motors.co.uk claims that 2015 is looking just as bright, with website page views for leading car manufacturers such as Audi, BMW and Land Rover hitting record levels.
Cheaper petrol means drivers are far more willing to spend more time on the road. Whether it’s heading off on a family road trip or driving to work a few times a week, the falling cost of fuel has seen odometers soar. In fact, in the last quarter of 2014 the British Society of Motor Manufacturers and Traders reported that drivers had clocked up 2.2% more miles than the previous year.
Rising insurance premiums
Unfortunately, driving more miles has a follow on effect on the price of insurance premiums. More cars on the road inevitably results in more accidents which has caused insurers to put up their premiums. In the last quarter of 2014 analysts reported a 2% rise in the price of insurance, a hike that affects individuals and businesses alike. With insurance premiums on the rise it’s important for motor traders to cut costs wherever possible. One of the fastest and easiest ways to secure the cheapest motor trade insurance deal is to hit up a quote compare website. The intelligent algorithms will do all the groundwork and present searchers with a range of deals tailored to suit individual business needs.
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