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We're still facing difficult economic conditions, and people still don't have a lot of disposable income in their pockets, but the latest figures show that new car registrations in the UK rose to 2.04 million in 2012 - their highest level since 2008.
The SMMT is also predicting that "Looking ahead to 2013, we anticipate the market will hold firm".
So during a time of austerity, it seems that new vehicles are not an area where people are holding back.
Although this seems to buck the trend, it is because modern motorists can't afford to not have the latest technology.
It feels like the motor manufacturers are innovating more than ever. Whether it's in response to customer demand for efficiency, challenging environmental targets, or the need to meet stringent safety standards - they are delivering in spades.
The result is that modern cars coming onto the market are generally better than their predecessors, and many significantly so.
They are safer, have lower emissions, use less fuel, are more comfortable, look better, have more internal capacity and are more efficient to run. They also reduce the tax burden that can often hit drivers of older vehicles hard.
There is also the maintenance and warranty benefit of a newer vehicle, which is far less likely to require unplanned maintenance, and even if it does, much of which will be covered under the warranty.
The result is that drivers with the latest models are often saving significant amounts of money on the ongoing costs associated with motoring. In a nutshell, drivers are speculating to accumulate.
There is no doubt that a new vehicle is a major investment but the latest trends from UK drivers suggest that it's an investment that many are still willing to make; not just to 'keep up with the Joneses' but because it is the prudent thing to do.
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