Rhys said: 'Everything has been done in a measured and quite benign way. Prices will gradually drift down and there is now no point for buyers to stay away from the market and this provides a fair deal to small fleet and retail buyers. However, even though the used car market has already reacted, there will also be another adjustment in prices. Overall, I think this is good news.'
However, he slated the report's focus on pre-registrations, claiming that manufacturers had to keep producing their current volumes of cars to achieve economies of scale. 'Manufacturers have to keep the metal moving, otherwise they become less efficient and less competitive,' he said.