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NEW CAR REGISTRATIONS will continue to decline this year as second-hand imports deliver double-digit growth.
That’s according to the latest quarterly review by the Society of the Irish Motor Industry (SIMI).
The author of the report, economist Jim Power, has predicted that positive economic factors like GDP growth and near-full employment – which normally encourage new car sales – will be clouded by “continued Brexit-related uncertainty and sterling weakness”.
In 2017, there were 131,300 new car registrations, a 10.4% decrease on 2016′s figure.
Power has estimated that around 120,000 new cars will be registered by the end of this year, which would mean an 8.6% decline on 2017′s tally, while the used import market is forecast to grow by 15% to 107,470 registrations.
“In other words, used imports from the UK are likely to remain a significant feature of the market and will undoubtedly displace new car sales once again,” he wrote.
The economist said growth in the number of used cars imported from Britain, coupled with a weakened sterling, is having a knock-on effect on both new and used car sales in Ireland.
“The drive in used imports from the UK effectively means that those prices are now setting prices for the domestic second-hand car stock, and this is making the cost of change to a new car more expensive,” Power wrote.
“The year ahead is shrouded in deep uncertainty, largely due to the uncertain performance of sterling and the impact of used imports from the UK.”
Most popular brands
The report commissioned by SIMI found that during the first three months of this year, new car registrations declined by 5.5% year-on-year to just over 71,800.
Every county except Wexford experienced a decrease in new car registrations – new ‘WX’ registrations increased by 5%. County Cavan recorded the biggest decline at 17.8%.
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Imported used cars accounted for well over a quarter of all registrations. In the first three months of the year, 26,114 used cars were imported, which was almost 10% ahead of the same period last year.
“While there were fewer trading days in March and exceptional weather conditions disrupted activity, it is clear that Brexit uncertainty and used imports from the UK continue to exert pressure on the domestic new car market,” Power wrote.
The five most popular car brands were Volkwagen, Toyota, Hyundai, Ford and Nissan.
The exchequer collected more than €754 million in vehicle registration and VAT receipts from car sales in the first three months of this year, while the total tax take from new car sales decreased 1.2% to €669 million.
Written by Conor McMahon and posted on Fora.ie
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Heya! The Ballinamore Free Fringe is on in Leitrim this weekend too! Music, Comedy and Improv!
Dunmore East, Waterford…
this weekend,
The first of three nights in a row of Councillors Outside Cinema takes place on the Strand – at 8pm it’s The Goonies followed by Stand by Me at 10pm. Saturday night sees Finding Nemo at 8pm and The beach at 10pm while Sunday night it’s The Jungle book from 8pm. The viewings are weather permitting, and cost €10 per adult and €5 per child. Bring something warm to sit on. On Saturday you can catch a demo on how to make Ginger Beer in Azzuro from 1.30pm at a cost of €5, also for €5 there’s seaweed foraging on Councillors strand from 4.30pm, and there’s a free bee-keeping talk in the Lemontree at 2.30pm. The Saturday Market runs from 4pm until 10pm on the Park Road, where you can sample the finest of local produce. Sunday sees an all day farmers market on the Park Road from 10am to 5pm. Waterford GIY will host a spud-off competition for adults and kids in the Park from 11am which is free to attend – the idea is to find the tastiest spud of 2015 and kids are asked to turn up with their best potato head creation. You’ll catch free cookery demos in the Park from midday with The Lemontree Restaurant and local fishmonger Tony Kelly and the big event Sunday is the Picnic and Play in the Park between 1pm and 4pm – which is a free afternoon of family entertainment.
The weekend comes to a close in the Strand in from 6pm Sunday evening where there’s a BBQ for €15 a head, and free entry to a DJ set from Tony Legend.
It’s fun, it’s free and it’s all over Ireland. Visit parkrun.ie for details of over 30 free, weekly, timed 5k runs all over the country. All you have to do is register once, it won’t cost a cent, and bring your printed barcode to any parkrun (there are hundreds in the UK and it is spreading worldwide). All community-based and entirely volunteer-run.
Carrickmacross Arts Festival in Co.Monaghan all weekend check out their Facebook page
Hip hop legends The Jungle Brothers will be playing in the Sugar Club in Dublin…. Check them out if your around Stephens Green.
*TONIGHT
The Craft Beer & Roots Festival is the place to be in Co. Clare this weekend. Held in Hotel Doolin on the West coast of the Banner County.
Anything on in Wicklow???
Charlie Chaplin Film Festival in Waterville, Co Kerry.
FREE family fun day, artisan food & blues festival in The Mall, Castlebar, co. Mayo to celebrate the 20th anniversary of local community radio station CRC FM. takes place on Sunday from noon
Any recommendations fir Sligo..? Hoping for sun anyway
Lee Berger : warriors run on in Sligo http://www.warriorsfestival.com/
The warriors run / festival is on tomorrow in Strandhill, if the sun makes an appearance it’ll be a good day out! https://www.facebook.com/TheWarriorsFestival
Cork Heritage Open Day runs tomorrow. Over 40 buildings open, great buzz in the city centre, and it is free.
ukulele festival in people’s park dun laoire this Sunday
Check out http://www.dublineventguide.com for free events in Dublin
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