Statistics released by the Society of the Irish Motor Industry (SIMI) showed that during September 2009 there were 2,259 new car registrations, a drop of 34.67 per cent in comparison to September 2008’s figure of 3,458 new registrations.
The year to date number is down by as much as 63 per cent on the figure to end of September 2008 to 55,136 from 149,059.
SIMI figures also showed that the number of imported used car registrations for September also fell from 5,139 to 3,428, which is a drop of 33.29 per cent for the same month last year. For the year to September, 42,285 used car registrations were applied for, a fall of 18.71 per cent for the same period last year.
A spokesman for the Society of the Irish Motor Industry, Brian Cooke said, "We have been running at 63 per cent behind last year so 33 per cent down in September might appear to be somewhat of an improvement but this is not actually the case. The September figure needs to be viewed in the context of the sudden deterioration that occurred in September 2008, which was 47 per cent down on September 2007. The year to date analysis shows new car sales to be still 63 per cent down on 2008. This is at a level that cannot sustain the current level of employment in the motor sector. Our industry has continued to hemorrhage jobs with the number of jobs lost now totaling more than 10,000 since January 2008."
Car registrations continued to fall across the board, with the light commercial vehicle sector experiencing a drop of 35.05 per cent, down to 645 in September, from 993 for September 2008.
Heavy vehicle registrations were also down from 2009 in September 2008 to just 78 for last month, a decrease of 62.68 per cent.
Mr Cooke called on the Government to introduce a car scrappage scheme in January 2010, with predictions of a further 8,000 to 10,000 jobs being at serious risk. He said, "A scrappage scheme is a ‘no brainer’. It benefits the consumer, the Government, the industry and most particularly thousands of employees in every town across the country."
A recent study by economist Peter Bacon made observations that this loss of workforce would have a knock on effect with other sectors such as transport services, motor insurance services and post and communications.
BETHESDA, Md — You’ve just made your last car payment. Should you keep the car or trade it in for a brand new vehicle? According to the Car Care Council, keeping your car rather than buying a new one is the way to go, especially if your goal is to save money.
“People who keep their cars, treat them as valuable investments and commit to regular vehicle maintenance, end up saving a lot of money,” said Rich White, executive director, Car Care Council.
The most common maintenance procedures and repairs to keep your car operating safely and reliably while maintaining its long-term value involve checking the oil, filters and fluids, the belts and hoses, brakes, tires and air conditioning. The council also recommends an annual tune-up and wheel alignment.
Over a four-year period, the difference in the savings between keeping a car and buying a new one is $10,894, according to Runzheimer International.
The cost comparison identified the expenses of keeping a 2003 6-cylinder, 4-door sedan that gets 21 miles per gallon (mpg) and costs $19,727, versus buying a new 6-cylinder, 4-door sedan with 23.5 mpg that costs $23,451 and had a down payment of $10,158, the trade-in value of the older car.
At the end of four years, expenses on the used vehicle, including fuel, license, registration, taxes, insurance, maintenance and tires, were $16,548. A resale value of $3,759 puts the total four-year cost at $12,789.
On the new car, expenses including the car payment, interest on the car loan, fuel, license, registration, taxes, insurance, maintenance and tires, totaled $32,258. A resale value of $8,575 puts the total four-year expense of the new car at $23,683.
“We advise our clients that if they want to see an increase on their investments every year they need to cut down on their expenses,” said Terry Mulcahy, vice president of investments for R.W. Baird in Mequon, Wis. “A new automobile is for most people their second biggest investment next to a home, so a great way to save money and increase financial assets is to hang onto their current vehicle rather than buy a new one every few years.”
The Car Care Council is the source of information for the “Be Car Care Aware” consumer education campaign promoting the benefits of regular vehicle care, maintenance and repair to consumers. For a copy of the council’s consumer-friendly Car Care Guide or for more information, visit www.carcare.org.
