Our take on the latest Car registrations (Wed 1 Feb 2023)
First-time car registrations fall 3.3% in January (seasonally adjusted)
Registrations of large cars fall 5.8% from December (seasonally adjusted)
Used car registrations 28% lower than in January 2022
The key numbers...
- There were 16,420 car registrations in January 2023, a 3.3% decline from December after adjusting for seasonal effects.
- New car registrations fell 5.8% from December 2022, while used car registrations edged up 1.1% (both figures seasonally adjusted).
- Large car registrations fell 5.8% in January, with registrations of small cars declining 1.7% (both figures seasonally adjusted).
- Rental car registrations increased 67%pa in the three months to January 2023, taking annual registrations up to 77% of pre-pandemic levels, with over 16,000 rental cars registered in the last 12 months.
- There were 20,229 full-battery electric vehicles (BEV), and 9,552 plug-in hybrid electric vehicles (PHEV) registered in the year to January, comprising 13% of total car registrations in that period, up from only 5.7% of registrations in the year to January 2022.
Clean Car Discount shifts vehicle preferences
Monthly car registrations, seasonally adjusted
...and our reaction
- In January, registrations of new cars outnumbered those of used cars, and registrations of small cars outnumbered those of large cars, both before and after accounting for seasonal effects.
- Used car registrations historically outnumber new cars, and large car registrations typically outnumber small cars. However, the introduction of the Clean Car Discount scheme in April 2022 has reversed these trends.
- Nevertheless, the relative strength of the new and small segments of the car market (when compared to the used and large segments) does not necessarily mean new and small registrations will increase over 2023. For example, new and small car registrations fell 5.8% and 1.7% respectively in January (both figures seasonally adjusted).
- Cost-of-living pressures and higher mortgage rates will drive a decline in car sales, as some would-be purchasers are forced out of the market due to tighter household budgets. Those buyers who remain will be encouraged to purchase newer and smaller cars by favourable government policy and high fuel prices.
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