Our take on the latest Car registrations (Wed 2 Mar 2022)
New car registrations fell 12% in February
Used car registrations up 18%pa
Pure electric vehicles up 169%
The key numbers...
- Total car registrations edged up 3.5% in February, driven by an 18% rise in used car sales that was partly offset by a 12%pa fall in new cars.
- There were 995 new and used electric vehicles in February, 169% more than in February last year.
- Rental car registrations were lacklustre, with only 258 in total, 52% less than a year ago.
Turning point for car registrations?
Annual running total, registrations
...and our reaction
- New car registrations edged down from their peak for the second consecutive month in February, although the number of registrations remains high in a historic context.
- Despite annual growth across new and used car registrations improving last month, we see underlying demand conditions as being a bit softer. The stronger result for used car registrations is mainly making up for weak activity and constrained supply throughout 2021.
- March is the last month before higher-emissions vehicles incur a fee. The introduction of this fee and the upwards spiral of fuel prices will further incentivise purchases of electric and hybrid vehicles.
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