6.5% fewer new cars were registered in 2019 compared to the previous year. Should we expect a higher percentage in 2020? There are some factors to consider – the used car market and the arrival of the 201 plates, the rise of the electric fleet, and the best times throughout the year for making an investment.
In other words, Brexit may lower the used car market revenues (restricting the import of used cars) and give the new car market a perfect opportunity to shine. However, it’s not about gasoline and diesel anymore – as the electric fleet is slowly rising.
The Best Time to Make a Purchase
If new car sales are falling, this is actually good news for the buyers. The year has been split into two halves, and there are three key dates to buy a new car:
January 31st – when dealers are trying to hit their first month’s sales targets
March 31st – the end of the first quarter
June 30th – the switchover to the 202 plates when some dealers could decide to put 201 plates on the excess stock to boost sales
Diesel, Gas, Hybrid, or Electric?
Diesel was the leader in this category just until recently. With the new NOx, emissions-based tax system, the Department of Finance expects a double tax for diesel engines compared to a gas engine car.
Consumers are aware of and looking for alternatives, but only around 7.5% of surveyed consumers say they would consider just the gas hybrid option.
What about going full electric?
The biggest advantage is that electric cars are cheaper to run. Approximately 4 times cheaper. Another pro is that electric engines accelerate much faster than gas engines and are also easier to maintain.
However, electric cars can travel shorter distances, and it takes longer to recharge them than refueling gas/diesel. Considering that there are not as many charging stations (yet), this might be an issue. Another con to keep in mind is that electric cars are usually more expensive to buy in the first place.
So, to determine the best time to buy a car, and the best kind of car for you to buy, think of how you will use it. If you can charge your electric car at home and don’t usually do long trips, it will definitely pay off. However, if you are into long-distance road trips, the gas/diesel engines are still an option in 2020.