January car sales down over 12% on 2018 figures

January car sales down over 12% on 2018 figures

Car sales figures for January are down by over 12% compared to numbers for the same month last year.

According to the Society of the Irish Motor Industry, there were over 37,000 registrations in January 2018.

This year that's down to over 32,000.

It’s a similar story for Light Commercials which are down 16.3% compared to January last year, and HGV (Heavy Goods Vehicle) registrations are also down 11.4% in comparison to January 2018.

Sterling weakness and Brexit related uncertainty were the key drivers in 2018 and have continued to be a characteristic of January 2019.

The dampening of new sales volumes has affected both the car and commercial sectors and until March 29 this deep uncertainty will continued.

Electric vehicle registrations increased significantly with over 800 registrations last month, compared to just over 100 in January 2018.

Jim Power, Economist and author of the SIMI Report said: “Based on what we know at the moment, the new car market could decline from around 125,422 to around 110,000, a decline of 12.3%.

"Used imports look set to reduce marginally to around 98,000. However, in the event of a ‘no-deal’ Brexit, sales would be weaker, and in the event of a deal and the removal of uncertainty, sales could match 2018.

"In overall terms, the coming months are likely to be characterised by deep uncertainty.”

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