Latest results show a 25.4% increase on Q1 last year, with positive economic sentiment and availability of finance being touted as the biggest contributors to the increase.
New car sales for 2014 continue to soar as the Motor Trade looks on target to experience its highest sales since 2008 according to figures released today by Motorcheck.ie. At the end of the first quarter 2014 almost 50,000 New Cars have been registered, an increase of 25.4% on the same period last year. Industry experts are now predicting total sales of 95,000 units for the year.
It’s great to see the industry get back on its feet again after a number of very lean years since 2008. Sales in the upcoming second quarter are bound to slow down a little. But this is to be expected now that we have a dual registration system. Many buyers will now begin to postpone their purchase until July when 142 registrations come into play. But this will assist sales in the second half of the year. For example, sales in the second half of 2013 were 80% higher than the same period in 2012 due to the impact of the dual registration system and this trend is set to continue.
The increases are largely being attributed to the availability of finance and specifically the PCP offers (Personal Contract Plans) being marketed heavily by the manufacturer. We estimate that at least one third of all new car sales are being financed. A shift in the economic outlook has also seen large numbers of buyers come back to the market who may have deferred their purchase in previous years.
Used car imports also continue to increase with almost 15,000 used cars being brought into the country in Q1, an increase of 23.2% on last year. There is a very high demand for used cars at the moment and a shortage of indigenous supply of 3 to 5 year old cars, so Irish buyers continue to flock to the UK. Whilst buyers can obtain good value and quality from the UK, we would encourage buyers to always perform an online car check before parting with their hard earned cash.
New Car Registration Highlights:
- Car registrations for Q1 2014 increase 25.4% against Q1 2013
- Volkswagen is the top manufacturer followed by Toyota, Ford, Hyundai and Nissan
- The top selling model is the Volkswagen Golf, followed by the Ford Focus, Nissan Qashqai, Skoda Octavia and Ford Fiesta
- The so called “Crossover SUV” segment has ballooned this year with 29% of the Top 10 vehicles sold this year belonging to the segment
- Three Crossover SUV’s appear in the Top 10, the Nissan Qashqai, Hyundai iX35 and Kia Sportage
- Commercial registrations are also up 38.2% in Q1 with the most popular models being the Ford Transit, Volkswagen Caddy and Citroen Berlingo
Used Car Import Highlights:
- Used car imports for Q1 2014 increase 23.3% against Q1 2013
- The top makes imported in Q1 were Ford, Volkswagen, Vauxhall and Toyota
- The top models imported in Q1 were the Ford Focus followed by the Volkswagen Passat, Volkswagen Golf and Audi A4.