The new car market rose for an eighth successive month in February, with the market up 26.4% compared with the same month last year.

“Scrappage has generated eight consecutive months of growth in the new car market and we expect its benefits to stretch beyond the scheme’s closure later this month,” said SMMT chief executive, Paul Everitt.

Between 1999 and 2009, February typically accounted for 3.3% of the annual market, ahead of the March plate change peak.

However, the February market this year was above expectations with 68,686 cars registered, just 1.3% below 2008’s tally, but still 12.2% off the 1999-2009 average.

March 2009 was particularly weak, down 30.5% to 313,912 units, but 2010 is expected to recover slightly, with volumes expected to push above 360,000 units for the new ‘10’ plate.

Over the past decade, March has been the strongest month for new car registrations, accounting for 17.8% of annual registrations.

Much of the March recovery will be attributable to scrappage and the scheme accounted for 19.6% of the market in February.

Final orders through the scheme must be made by the end of March, or sooner if funds run out.

“Industry continues to face challenging market conditions, but positive trends in the fleet and business sectors suggest that negative impacts can be minimised,” explained Everitt.

“Strengthening business and consumer confidence remains industry’s priority. A clear and consistent approach to CO2 based taxation and improved access to affordable credit are essential elements in sustaining recovery in the new car market.”

Follow this link to see the number of cars sold under the scrappage scheme

Follow this link to see the February and year to date sales figures for new car sales