Sales - or at least registrations - of new cars have fallen in Ireland in September. Compared to the same month in 2022, sales fell by 10.3 per cent, although registrations for the year are some 16 per cent up on the same period last year.
Van sales remain strong
On a brighter note, especially for the economy as a whole, van sales have continued to rise, climbing by 15.4 per cent in September, and are up by 30.6 per cent for the year so far. Imports of used cars are holding steady - virtually the same number of used cars was imported in September 2023 as in September 2022 - and have climbed slightly, by 2.5 per cent, for the year to date.
Electric car sales are also still on the rise, but by a much lower percentage than we've seen lately. EV sales increased by 19.3 per cent in September compared to the same month last year, while electric car sales are up by 49 per cent for the year so far - a reduction on the three-figure percentage increases seen in previous years.
Early adopter phase
Brian Cooke, Director General of the Society of the Irish Motor Industry, said: "While the new car market has shown strong growth so far this year, the drop in new car registrations for September, a 10.3 per cent decrease on the same month last year, is a concern. New electric vehicle registrations declined by nearly a fifth when compared to September 2022, and while some of this is due to changing supply chain dynamics, there is a fear that there could be a softening in EV growth. As the demand curve for EVs is moving out of the early adopter phase, the next cohort of EV buyers will inevitably be more price conscious. With Budget 2024 only a week way, SIMI again calls on the Government to maintain EV incentives at current levels. This includes retention of the zero per cent Benefit-In-Kind (BIK) thresholds, and extension of both VRT relief and the SEAI purchase grant relief. In addition, with the new car market still in recovery mode, there should be no taxation increases that would dampen new car demand, and at the same time more funding should be allocated to support the roll out of a reliable charging infrastructure. Now more than ever is the time to invest in the electric vehicle project to ensure that the right measures are implemented to encourage behavioural change as quickly as possible."
Toyota the top seller
Toyota remains the top-selling car brand in the country for the year to date, followed by Volkswagen, Hyundai, Skoda, and Kia. The best-selling car for the year so far remains the Hyundai Tucson, followed by the Kia Sportage, the Toyota Corolla, the Toyota Yaris Cross, and the Volkswagen ID.4. Unsurprisingly, given its top-five position, the ID.4 remains the best-selling electric car for the year so far, followed by the Tesla Model Y, the Hyundai Ioniq 5, the Skoda Enyaq, and the MG 4. The best-selling car for September was the Tesla Model Y, which means it was the best-selling electric car, too, of course.
So far this year, petrol power remains the most popular with Irish buyers, accounting for 30.3 per cent of the market, followed by diesel at 22.1 per cent, hybrid at 18.6 per cent, electric at 18.3 per cent, and plug-in hybrid on 8.2 per cent.