Registrations in 2024 for new cars were down 35% in March and 20% YTD. This is due at least in part to an economic slowdown. It may also reflect the reality that constant price increases have now pushed new cars out of reach of many who would have otherwise bought one.
Total sales thus far are 21,580 units. Added to that were 26,670 used cars, almost exclusively sourced from Japan. They were up 8.5% YTD so faring better than new, for now at least. A useful alternative to overpriced new cars.
What a difference a year can make, especially when government policy changes. Out went rebates and fees favouring or punishing purchases based on emissions and that caused a dramatic shift in models purchased. Another factor in the swing is from July of this year electric and hybrid cars which previously did not contribute to roading costs will be paying a road user charge.
For brands strongly favouring electric models, MG (-39%), Tesla (-61%), BYD (-81%) and Polestar (-85%) all suffering market share collapse in a market already on a downward slide. It shows how much subsidies prop up low emissions cars. I didn't call them environmentally friendly as I wonder about that.
It's still early days and as the year progresses, we will see if what has happened so far will continue to the same degree. And in case you were wondering what the one 'Other' is below, it was a Morgan.
Data source: MIA.
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