Our take on the latest Car registrations (Thu 5 Mar 2020)
New car registrations grew 4.4%pa
New large car registrations rose 8.5%pa
Used car registrations fell 3.4%pa
The key numbers...
- Passenger car registrations, both new and used, were 0.3%pa lower in February 2020.
- New passenger car registrations rebounded slightly, growing 4.4% after an 8.5% decline in January.
- The heat came from large new car registrations which grew 8.5%, while small car registrations slipped 3.5%pa.
- Used car registrations were a different story, declining 3.4%pa, driven by a 6.5%pa decline in large used cars.
Total passenger car registrations
Annual running total
...and our reaction
- The annual total of passenger car registrations has largely plateaued since mid-2019 as population growth has slowed and business confidence has slumped.
- Looking ahead, we continue to expect population and business confidence to drive further falls in registration numbers.
- The outbreak of COVID-19 will most likely add to the car market’s woes. It is too early to assess the economic impact of the virus, but if business investment and consumer spending are affected car dealers will feel the pinch, if not immediately then in the coming months.
- We are also looking out for disruptions to the vehicle supply chain, which could put the squeeze on vehicle imports, especially considering COVID-19’s presence in East Asia and the growing number of cases in Korea.
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