Motor Industry Review – Q3 2016

Today we issued the third Quarterly Motor Industry Review for 2016 with The Society of the Irish Motor Industry (SIMI). The SIMI/DoneDeal Report highlights the strong performance in the first half of the year for the Industry followed by a slowing down of new car sales from August onwards. Sales to the end of September 2016 were 143,190, up 18.4% on the first nine months of 2015. Based on this the SIMI/DoneDeal report forecasts final sales of 147,000 for 2016 with a similar outcome anticipated for new car sales in 2017. Jim Power Economist and author of the SIMI/DoneDeal Report said: “The auto industry is still performing strongly, but there have been clear signs of deceleration in sales in recent months. Looking ahead to 2017, the outlook for car sales is extremely uncertain. New car sales in 2016 should be close to 147,000 and similar outturn for what is expected to be a very uncertain market due to Brexit effects” The Review also indicates the changes in the costs of motoring since last year. The cost of a new car has decreased by 3.5% since September 2015, while the cost of petrol is down 5.0% and diesel is down 4.6% in those 12 months. However the price of motor insurance has increased 25.1% since September 2015 and is up 68.7% since September 2013. See full report here. #MotorIndustryReport #Motor #MotorIndustryReview #SIMI