Brits Have Suddenly Stopped Buying Cars

British people have suddenly stopped buying cars and as BI's Jim Edwards notes, it's not clear why.

As the following chart from Barclays shows, both new- and used-car sales have collapsed...

 

While the slump in consumer confidence remains a major factor...

But as Edwards notes, a number of other factors are colliding simultaneously to hurt UK car sales:

UK car sales are especially vulnerable to fluctuations in demand because Britain's excess right-hand drive cars cannot be shipped to other areas of Europe, which use left-hand drive models.