Louth motor industry still in gear as sales edge up
Car sales in Louth edged up slightly over the last year, with the motor industry continuing to hold its own, according to new figures released this week.
The Society of the Irish Motor Industry (SIMI) published its second quarter review, with the indications that nationally the sale of 182 registered vehicles in July was down on last year.
In Louth, however, the overall sales from January to July 2018 were up 0.2% on last year, with 2,522 cars sold in the first seven months of the year.
The report highlights that while Ireland’s economic indicators continue to evolve in a positive manner, pointing towards an expanding economy, as consumer spending continues to improve at a steady rate, the depreciation in the value of sterling since the end of 2015 has made life more difficult for the Irish motor trade, with new car sales been displaced by used imports from the UK.
Used car imports have increased by 11.7% year to date, aided by the weakness in sterling, as the Motor Industry continues to experience significant uncertainty, with monthly declines in new car registrations figures, reflecting the substantial impact of Brexit.
Other noticeable trends within the market place show that fuel prices have seen an increase with Petrol prices up 9.7%, and Diesel prices up 12.2% on June 2017.
Looking ahead to the remainder of 2018 Jim Power, Economist and author of the SIMI Report said: ‘The economic fundamentals that underpin new car registrations look set to remain positive but continued strong growth in used imports will continue to undermine new car sales. For 2018, the used import market is projected to grow by around 12% to reach 104,660. New car registrations in 2018 are forecast at around 125,000, which would represent a decline of 4.8% on the 2017 outturn.’