Sunday 26 October 2014

Bumper car sales driving far ahead of the forecasts

Published 11/07/2014 | 02:30

The surge in 142-reg sales, since July 1, has taken everyone by surprise
The surge in 142-reg sales, since July 1, has taken everyone by surprise

MORE cars have been sold to date this year than for all of 2013.

Such has been the volume of buying that experts say they'll almost certainly have to significantly increase their forecasts of 90,000 sales for the full year.

As of July 9, there have been 74,911 new models registered – a 28pc increase on the corresponding period for last year.

But the surge in 142-reg sales, since July 1, has taken everyone by surprise. The 9,207 registered represents an increase of 79pc on the opening week in July 2013.

The overall rise in the year-to-date is seen as underlining:

* A strong return of confidence throughout the economy

* A high level of pent-up demand from those who couldn't buy a new car for several years

* Plenty of available finance deals

* How July, rather than January, suits a lot of people to buy.

The latest update from the Society of the Irish Motor Industry (SIMI) shows how the first day of 142-reg sales on July 1 was the busiest since before the recession hit.

Despite the upswing, however, the total number sold for the year is still likely to represent just 60pc of the levels reached in the pre-recession market.

Irish Independent

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