Increasing property and tax bills are keeping buyers away from the dealerships this January, as car sales lag behind from this time last year.
80,000 cars are typically sold in Ireland each year, but experts report that this number is expected to fall by as many as 5000 vehicles this year, following early reports in 2013 sales.
Whilst the new ‘131’ registration is proving popular, many of these cars are reported to have been ordered towards the end of 2012, and so their popularity on the roads has not been felt at the forecourts.
Small family hatchbacks with diesel engines and attracting low CO2 emission bands are expected to prove popular again, as consumers continue to curb their spending in wake of rising costs from last year and over the Christmas period.
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Inflation saw a 0.4% drop in November according to the Central Statistics office. The rate, which now stands at 0.8%, was strongly influenced by falling petrol prices at the pumps.
Motorists will probably have noticed recent falls in fuel bills as a result of lower global oil prices, and no doubt this will have come as a pleasant surprise in the run up to Christmas.
Consumers should notice a slight increase in other bills though, as energy prices saw a small rise, and housing costs rose 3%, mainly due to increased mortgage repayments.
Merrion economist Alan McQuaid reports that continued weak consumer demand will put downward pressure on prices in the months ahead. This is in line with similar reports from earlier in the year, such as that from Quintas who said that “While the cost of doing business in Ireland has reduced, we still need to work on our competitiveness. With much emphasis on wage reductions, other costs which could be focused on are high rents, insurance or childcare costs.”
For some more reading about how Irish inflation compares to the Eurozone as a while, head over to The Irish Economy blog.
Regardless of these changing times, consumers can always be assured of the best prices on many insurance products with Paddy Compare. Visit our car insurance, home insurance or insurance pages for more.
Friday 21st December will see a new EU ruling which will outlaw gender discrimination by Insurance providers, and will end the traditional lower renewals that women drivers have previously benefited from.
Most insurers are refusing to reveal their new rates until this date, however some have gone early. A study by AonInsure and Irish Independent has revealed price hikes of up to €60 for females, with a similar drop for males. Further increases are expected in the new year, as firms come to grips with the new system, and prices start to balance out to reflect the new legislation.
Now that insurers are unable to use gender to determine risk, they will use other details such as no claims bonus, address, age, type of car and occupation to determine prices.
Regardless of your gender, driving history or personal circumstances, Paddy Compare can find specialist brokers that will provide competitive quotes for your car insurance. Alternatively, you can visit our insurance page to view some of the other products on offer.