The Society of the Irish Motor Industry (SIMI) has reported a notable surge in the registration of electric and hybrid vehicles, making up almost 50% of newly registered vehicles. Within the period of July to September this year, 7,408 new electric vehicles (EVs) were registered, marking a significant share of all new car registrations during that timeframe.
According to DoneDeal’s recent Car Price Index, second-hand electric cars have seen a price reduction of 2.6% in the past quarter and a more substantial 7.1% decrease over the past year. Furthermore, the average price of new EVs has also experienced a decline, with the cost now averaging €49,900 for an electric car with a 232 registration, compared to €53,250 for a 231 registration in January of this year.
The report indicates that the inflationary pressures previously observed in the Irish used car market, attributed to the pandemic and Brexit, are beginning to ease. Although the report notes a price increase of 3.3% in Q3 due to the biannual plate change, the annual rate of price inflation has now reached its lowest level since the outset of the pandemic, standing at 10.5% compared to Q3 2022.
While the report suggests that the supply-demand imbalance in the used car market seems to be improving, it cautions that there is still a considerable way to go before prices fully return to pre-pandemic levels. Supply on the website has seen an average growth of 5.4% thus far this year, but Brexit-related restrictions continue to impact the lower end of the market to a greater extent than the higher end. Price inflation at the lower end of the market is reported at 4.3%, in contrast to 1.6% at the upper end.
Notably, the index highlights a decrease in the share of used cars being imported from the UK, with 26.7% of imported used cars originating from the UK in Q3. This represents a significant reduction compared to the Q3 figure in 2018, when UK imports accounted for 95% of cars brought into Ireland.
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