Rental sales soar by 71%

New-vehicle registrations in August were up by 2.1 per cent – or 202 units – on the same month of last year, attributable to sales of rentals jumping by 71.2 per cent and 612 units compared with the same month of 2023.

The Motor Industry Association reports sales to rental companies last month represents the highest rental volumes sold so far this year. 

On a year-to-date basis, 2024’s registrations are down by 18.7 per cent and 18,846 units compared to the same period in 2023. 

Average monthly light commercial sales remain stable at 2,967 so far in 2024, marginally above the 2,959 monthly units recorded in 2023. 

The heavy-commercial market continues to grow slightly, reaching an average monthly of 644 year-to-date units, up from 629 average monthly units in 2023 and 565 in 2022.

Light passenger-vehicle registrations in August totalled 6,765 units for a three per cent drop compared to August 2023 and a 38.2 per cent drop from August 2022. Year-to-date, sales are down by 26.4 per cent compared to 2023 (19,094 units) and 29.3 per cent lower than 2022 (22,085 units). 

Types of buyers in market

As for types of purchasers of light passenger vehicles, businesses accounted for 2,712 units and a 40.1 per cent share of the market last month.

Private registrations came in at 2,670 units and 39.5 per cent, while rentals totalled 1,209 units and 17.9 per cent.

The small to medium-sized segments comprised 82.9 per cent of last month’s light-passenger market. Compact SUVs topped the ladder with 2,300 units and a 34 per cent share.

Next up were medium SUVs with 2,121 units and 31.4 per cent, followed by large SUVs with 775 units and 11.5 per cent.

August’s top car models

Battery electric vehicles: Tesla Model Y – 116 units, Nissan Leaf – 59, MG4 – 39, BYD Atto 3 – 36 units, BYD Dolphin – 28 units.

Plug-in hybrids: BYD Sealion 6 – 42 units, Mitsubishi Outlander – 34, Mitsubishi Eclipse Cross – 18, Hyundai Tucson – 17, Ford Escape – 11.

Hybrid vehicles: Toyota RAV4, pictured, – 541 units, Toyota Yaris Cross – 190, Suzuki Swift 188, Toyota Yaris – 136 units, Honda HR-V – 126 units. 

Light commercial buyers

Businesses were the biggest purchasers of light commercials last month with 1,950 units representing a market share of 75.7 per cent.

Private registrations came in at 418 units and 16.2% share, with rental accounting for 208 units and 8.1 per cent.

The pick-up/chassis cab 4x4 segment accounted for 1,763 units in August for a 68.4 per cent share of light commercials. Third spot went to vans with 264 units and 10.2 per cent.