Our take on the latest Car registrations (Mon 9 Jan 2023)
Total car registrations down 3.7% in December (seasonally adjusted)
Used car registrations grew 1.4% from November (seasonally adjusted)
Rental car registrations up 55%pa in December
The key numbers...
- Total car registrations continue to fall, totalling 15,498 in December, down 12%pa from December 2021. New car registrations were up 13%pa from December 2021, and used car registrations fell even harder, down31%pa.
- Small car registrations increased 24%pa in December. This growth is almost entirely from new cars, as new small car registrations are up by almost 50%pa, and used small car registrations have remained flat.
- Large car registrations are down 33%pa from December 2021, with the fall in used large cars (down 46%pa) larger than the fall in new large cars (down 13%pa).
- Full battery electric vehicle registrations were up 80%pa in December, and plug-in hybrid electric registrations rose 101%pa. Overall, electric and hybrid vehicles accounted for 46% of registrations in December. Diesel and petrol car registrations continue to decline, falling 18%pa and 36%pa respectively from December 2021.
Rental car registrations continue to climb, with a 55%pa increase from December 2021. Used rental cars saw a stronger increase (64%pa) compared to new rental cars (54%pa).
New cars outpacing used cars
Seasonally adjusted monthly car registrations
...and our reaction
- Although December was a strong month for rental car registrations, rental car registrations remain at less than half of pre-pandemic (December 2019) levels. Rising interest rates, sustained supply chain issues across the automotive sector, and the looming recession are all likely to be contributing to the lack of full recovery so far.
- Strong annual growth in small car registrations, as large car registration falls, indicates the Clean Car Discount scheme is effective at shaping buyer preferences. Historically, large car registrations have vastly outnumbered small car registrations, but the two types have begun to converge from April 2022 when the Clean Car Discount came into effect. The same is true of new and used cars, with previously larger used car registrations now being outnumbered by new car registrations.
- The double prong of rapid inflation and rising debt servicing rates will continue to cause households to reduce discretionary spending, cooling demand for cars.
- We expect that small, new, and electric/electric-hybrid vehicles will continue to increase their share of vehicle registrations, even as overall registration numbers fall.
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