Motor Industry Review – Q4 2016
Today, with the Society of the Irish Motor Industry (SIMI), we issued the official 171 car sales figures for January along with the final SIMI/DoneDeal Quarterly Motor Industry Review of 2016.
The SIMI/DoneDeal Report highlights the strong economic performance of the Motor Industry last year, with growth in registration figures seen across all counties along with the upbeat nature of business confidence and investment reflected in commercial vehicles despite a softening of the market towards the latter half of 2016.
Jim Power Economist and author of the Review said:
“Looking ahead to 2017, while the outlook for car sales is a bit more difficult to predict than last year, the projected growth in personal disposable incomes and the availability of credit provide solid support for car sales. However, the impact of Brexit and the increased volume in imported used cars are other issues that may impact on new car sales this year. Overall, though, numbers should be fairly close to last year with perhaps a slight decline of around 3% in new car sales in 2017, which would imply new car sales of around 142,000.”
The SIMI/DoneDeal Report outlined that the cost of motoring in 2016 which has seen an increase in in petrol +1.9% and diesel prices +3.2% (Dec 2016 vs Dec 2015). The average price of a new car has declined by 5.5% (Dec 2016 vs Dec 2015). Motor insurance costs since 2013 have increased by +61.5%, although there was a slight decrease in the last quarter of 2016 by -5.5%, costs in December still remained at 8.9% higher than a year earlier.
Our figures from DoneDeal highlight the sustained upturn in the motor industry in 2016 with the volume of ads published in our Motor section increasing by 9.3%, representing €5.4 billion in the value of goods advertised in DoneDeal’s Motor Section.
Commercial Manager of DoneDeal’s Motor Section, Cathal Cremen;
“2016 proved to be another exceptional year for DoneDeal in terms of traffic growth and adverts placed on the site. Motoring again proved to be the most popular section of the site with 663,336 cars alone advertised on DoneDeal in 2016.
“A significant feature of DoneDeal’s success in 2016 was the 17% increase in the number of car dealerships now subscribing to DoneDeal. This is very much a reflection of the commitment and investment that DoneDeal has been making to ensure we deliver a quality service for our clients.”