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Motor industry calls on Government for no tax increases on new Waterford cars

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Motor industry calls on Government for no tax increases on new Waterford cars

Motor industry calls on Government for no tax increases on new Waterford cars

Official statistics released by the Society of the Irish Motor Industry (SIMI) show that the total new car registrations for the month of August are down 13.3% (5,131) when compared with August 2018 (5,921).

New car registrations for year to date are down 7.9% (110,572) on the same period last year (120,003).

In Waterford, new car registrations for the period January to August decreased 6.86%, from 3,193 last year to 2,974 in 2019. 

New Light Commercial Vehicle (LCV) registrations are up 35.1% (1,880) on August 2018 (1,392), however registrations year to date are down 2.2% (21,906). New Heavy Commercial Vehicles (HGV) decreased 20.7% (157) in comparison to August 2018 (198) and this year to date are up 3.1% (2,207).

Imported Used Cars for August saw an increase of 10.2% (9,708) on the same month last year (8,812) and the year to date imports are up 5% (72,211) ahead of 2018 (68,784).

New electric vehicle registrations continue to grow month on month with 172 vehicles registered for the month of August, an increase of 4.2% on August 2018 (165) while a total of 2,860 EV cars were registered so far this year.

"Despite the strong economic growth, the new car market continues to contract this year, with registrations for the month of August following this trend," says SIMI director general Brian Cooke. 

"In this business context and with the increasing likelihood of a hard Brexit, SIMI is calling on the Minister for Finance not to increase taxes on new cars in Budget 2020. It is important that our new car market is as strong as possible from both an environmental and employment view point. Instead, the current Brexit and taxation mix only encourages people to hold on to their older higher emitting cars for longer. New car sales need to increase if Ireland is to see the real benefit of improvements in emissions from new technologies, and taxation systems should support not hinder this," he adds.