Cazana’s used car market update
The October new car registration data has depicted a return towards normality in terms of outright monthly registrations after last month’s decrease in activity after the introduction of the WLTP in September, according to Cazana.
With figures reflecting a drop of just 2.9 per cent for October over the same period in 2017, the year to date figure reveals that the market is performing 7.2 per cent worse than last year.
When reviewing the data by propulsion type the anti-diesel lobbying is still influencing demand for new diesel cars. Diesel registrations fell by 21.3% in comparison to October 2017 and this brings the year to date market share to 31.8% which is some 10.8 percentage points lower than in 2017.
With confusion and lack of product disrupting the new car market, the benefit has been evident in the used car market. Despite a general lack of consumer confidence, the number of used retail buyers have been boosted by new car buyers unable to find the car they want and, in some cases, people seeking to spend less money.
With a further decline in the new market the used car market has continued to perform well. At this stage Cazana’s data gives no reason to suggest this will change. However, if the government are unable to secure a Brexit deal and the chancellor is forced to return to parliament with another budget proposition then the state of the economy will in all likelihood be compromised.
