Our take on the latest Car registrations (Fri 7 Jun 2019)
Car registrations down 13%pa in May 2019
Small (new and used) car registrations down 3.5%pa in May 2019
Large (new and used) car registrations down 18%pa in May 2019
The key numbers...
- Both new and used car registrations fell in May 2019 with (new and used) large cars driving the fall.
- It is not all bad news. On an annualised basis, new small, new large, and used small car registrations remain well above levels seen in recent years. However, used large car registrations have fallen to levels last seen in early 2015.
- Car registrations are being held back by slowing population growth and moderate consumer confidence. Slowing employment growth, sluggish wage growth, higher fuel prices, and concerns about the global and domestic outlook are all weighing on consumers’ minds.
- Our expectations of a pick-up in new and used car registrations in the second half of this year are beginning to look overly optimistic. However, the recent cut in the Official Cash Rate (OCR), expectations of further cuts this year, and the possibility of net migration remining higher than expected might yet see a recovery in car registrations in the coming months.
Car registrations
Annual totals
...and our reaction
- In May 2019, new car registrations fell 18%pa. New small car registrations fell 7.5%pa, while new large car registrations fell 22%pa.
- In May 2019, used car registrations fell 9.0%pa. Used small car registrations fell 1.7%pa, while used large car registrations fell 14%pa.
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