Rentals lift new-vehicle market
A surge in rental vehicle registrations last month provided a timely boost for the new-vehicle market as sales of light commercials tumbled, according to the latest figures from the Motor Industry Association (MIA).
Aimee Wiley, chief executive, says the 14,519 new units registered in November included 4,466 rental vehicles, which accounted for 30.7 per cent of the market and is the highest monthly tally in the past four years.
“This is a welcome boost for November registrations as light commercial registrations continue to be significantly impacted with savvy consumers awaiting the upcoming removal of clean car discount fees,” she adds.
Last month’s 3,022 commercial sales were down 32 per cent, or 1,424 units, on November 2022. They were also 40.9 per cent, or 5,113 units, lower than the same month of 2021.
Wiley, pictured, says overall activity for the new-vehicle market last month was down 7.1 per cent from 15,621 units a year ago and 11.1 per cent down from the 16,327 units registered in November 2021.
Year-to-date, registrations are 8.9 per cent, or 13,637 units, below the total from the same period in 2022. They also came in at nine per cent, or 13,870 vehicles, less than 2021’s figure.
The spike in rentals lifted total light passenger vehicle registrations to 11,497 last month, up by 2.9 per cent and 322 units from November last year. The top models were Toyota’s RAV4 on 1,419 sales, the Mitsubishi Outlander with 558 and Tesla’s Model Y on 544.
However, the number of registrations for the category so far this year is down by 5.4 per cent and 5,826 units from a year ago.
When it came to battery electric vehicles (BEVs), 2,590 were sold with the Model Y out front on 544 units, followed by the MG4 and BYD Atto 3 on 469 and 338 respectively.
As for plug-in hybrids (PHEVs), 1,164 models were registered last month. The top performers were Mitsubishi’s Eclipse Cross and Outlander on 314 and 277 units respectively, with the MG HS next on 239.
There were 3,426 sales in the hybrid category, which was dominated by Toyota with its RAV4 selling 657 units, the Corolla 485 and its Corolla Cross on 370.
November’s top two segments were medium SUVs with a 41.3 per cent market share and compact SUVs on 23.4 per cent. The small to medium-sized segments made up 90.2 per cent of all light passenger registrations last month.
