Records broken as 4,000 new cars sold on first day of 142 reg plate period
Published 03/07/2014 | 08:13
RECORDS were broken when more than 4,000 new cars were registered on the first day of the new 142-reg plate period.
The mid-summer splurge took everyone by surprise as the rush to own a new car set a one-day registration record for the year to date.
In all, 4,264 new cars were registered on Tuesday - compared with 1,924 for the first day in July 2013.
Traditionally the first few, and last, days of January mark the highest number of daily registrations for the year.
But they have been outstripped by the July 1 rush for a new plate. The peak daily January registration of close to 3,000 cars lagged more than 1,200 behind Tuesday's extraordinary volume.
SIMI had expected it would take a full week's trading for 4,000 cars to be registered.
Its director general Alan Nolan said it was clear that an increasing number of consumers are returning to the market. “Overall, it is a sign that we're seeing an improvement in the economy.”
He said they had expected Tuesday to be one of the busiest days of the year, with additional cars being added to the car hire fleets. But they had not anticipated such a start compared with last year.
It is also seen as significant that twice as many vans were sold on Tuesday (292 compared with 138 last year) as it reflects real confidence within the business and commercial sectors.
The extraordinary level of one-day car sales stems from a number of factors. Consumer confidence that the economy is improving is regarded as the core reason. There is also considerable pent-up demand for new cars after years of declining purchases.
And the amount and variety of credit to get people into cars is making the transition from old to new a lot easier.
Also explaining the spike in registrations is the fact that many people had pre-ordered their cars for July 1 registration.
Sales are expected to settle down over the coming days but after such a start it is now widely anticipated that last year's total of 12,000 for the month will be exceeded by some distance.