Thinking of buying a new car?
New car registration in Co Longford experienced a decrease of 6.5% on the same period last year while there were 547 new registrations compared to 585 in July 2017, according to the Society of the Irish Motor Industry (SIMI).
A new report by the Industry also highlights that while Ireland’s economic indicators continue to evolve in a positive manner, pointing towards an expanding economy, as consumer spending continues to improve at a steady rate, the depreciation in the value of Sterling since the end of 2015 has made life more difficult for the Irish motor trade, with new car sales been displaced by used imports from the UK.
According to the latest figures, used car imports have increased by 11.7% year to date, aided by the weakness in Sterling, as the Motor Industry continues to experience significant uncertainty, with monthly declines in new car registrations figures, reflecting the substantial impact of Brexit.
Looking ahead to the remainder of 2018 Jim Power, Economist and author of the SIMI Report said the economic fundamentals that underpin new car registrations look set to remain positive.
He did warn though that continued strong growth in used imports will undermine new car sales.
“For 2018, the used import market is projected to grow by around 12% to reach 104,660,” he added.
“New car registrations in 2018 are forecast at around 125,000, which would represent a decline of 4.8% on the 2017 outturn
Car sales figures for the month of July show that 182 registrations are down 2.75% (26,944) compared to July 2017 (27,707).
Light Commercials are currently up 12.4% (4,433) compared to July last year (3,944), while Heavy Goods Vehicle registrations were also up 23.28% (376) in comparison to July 2017 (305).