Increase in used imports due to Brexit and weakening Sterling detriment of new car market
The total new car registrations for the month of October were down 11.2% compared to that of October last, according to statistics released by the Society of the Irish Motor Industry (SIMI).
New car registrations totalled at 1,725 compared to a total of 1943 new registrations in October 2017.
Registrations year to date are also down 4.4% (124,809) on the same period last year (130,491).
New Light Commercial Vehicle registrations (LCV) have increased by 14.1% (998) on October 2017 (875) and are up 5.9% (24,779) year to date.
While New Heavy Commercial Vehicles (HGV) have increase 13.2% for the month of October (129) when compared to the same month last year (114) and are up 4.8% (2,460) year to date.
Imported Used Cars have shown an increase 7.45% for the month of October 2018 (9,141) when compared to October 2017 (8,507) while year to date are 8.95% (86,418) ahead of 2017 (79,320).
Commenting on the figures Brian Cooke SIMI Director General Designate said:
“It comes as no surprise that new car registrations are down again this month, in line with the trend in the market so far this year.
While the domestic economic backdrop continues to be positive, as evidenced by the increase in commercial vehicle registrations this year, the impact of Brexit and the associated weakness of Sterling has seen an increase in the volume of used imports, which has been to the detriment of the new car market.
