Our take on the latest Car registrations (Wed 6 Nov 2019)
New car registrations down 9.7%pa
New used car registrations down 3.6%pa
Used large car registrations fall for the 21st consecutive month
The key numbers...
- Car registrations dropped across the board in October.
- New car registrations fell 9.7%pa in October, as new small car registrations dropped 4.2% and new large car registrations declined 11.5%.
- Used car registrations fell 3.6%pa in October, with used small car registrations falling 1.4% and used large car registrations falling 5.4%.
- New rental car registrations fell 9.0%pa in October following three months of strong rises. Over the year to date, new rental car registrations are 3.0% lower than they were at the same point last year.
Used large car registrations
Annual running total
...and our reaction
- The consistently downward trajectory of used large car registrations has taken annual registrations below 79,000 for the first time since 2014, while used small car registrations remain volatile with October posting the fourth decline so far this year. With economic growth expected to slow further in the next 12 months, we expect used registrations to continue falling until mid-2020.
- New car registrations are also volatile as recent gains were reversed out in October.
- The weak car market reflects slowing economic growth, subdued business confidence and below-average consumer confidence. The numbers may be even worse but for population growth continuing to rumble along.
- Despite strong rises in new rental car registrations in the early part of this year’s tourist season, October’s drop serves as a reminder that the tourist market is softening, with growth in international visitor numbers well down on last year.
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