Thursday 27 October 2016

Experts now say we'll buy 165,000 new cars this year

Published 17/02/2016 | 02:30

Car sales forecasts are being revised upwards.
Car sales forecasts are being revised upwards.

Now the dust is settling on a whirlwind sales start to the year, the experts are steadily upwardly revising their estimates for the year.

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A few weeks ago Renault Ireland chief Paddy Magee was among the first to publicly forecast a possible rise of 40,000+ new cars this year - from 125,000 in 2015 to as many as 170,000 for 2016.

Most observers started the year - and presumably ordered models - on the basis of a strong 150,000-to-155,000.

That in itself would have represented a substantial increase.

But that's looking like being to conservative now and sources I've spoken to since Mr Magee's prediction have been in general agreement that we're headed for 165,000 anyway - and possibly more.

Figures from the Society of the Irish Motor Industry show a 33.5pc lift to 39,812 from 29,808 in January 2015. And February is roaring ahead.

Among the few perceived threats to the 165,000/170,000 figure, as of now, is volatility on world stock markets and the strength of the Japanese yen.

Indo Motoring

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