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The review by the Society of the Irish Motor Industry (SIMI) has shown a 35% increase in new car sales in Cork for the first nine months of this year. Photo: 123rf

The review by the Society of the Irish Motor Industry (SIMI) has shown a 35% increase in new car sales in Cork for the first nine months of this year, compared to 2013 figures. So far in 2014, 11,592 new cars have been sold as opposed to 8,576 last year.

SIMI Centre chairman for Cork Robert J Cogan, said; the 35% increase in car sales in Cork this year so far is 'a massive boost to the area'.

"Not only does it reflect a rise in consumer confidence which was much needed but it will help create more jobs in the motor industry and significantly boost the economy in the region.”

The Review shows that the upturn in the Motor Industry continued in the third quarter with sales for 2014 now looking likely to exceed 95,000, which is 15% ahead of the Industry’s expectations 12 months ago. This increase has seen the Exchequer collect €902million in VRT and VAT from new and used car sales during the first 9 months of the year which is 27.9% higher than the corresponding period in 2013.

The Review also highlighted a 3.9% decrease in petrol costs, a 4.6% decrease in diesel costs and a 2.8% decrease in the cost of a new car. Motor insurance costs, though, have risen by 6.7% compared with 12 months ago.

The recent Budget saw no increases in motor related taxes, with VRT, Road Tax and Fuel Taxes all remaining untouched. As a result the outlook for 2015 remains one of steady recovery in the Sector with increased sales increased employment and increased tax contribution to the Exchequer.

"A key contributor in the mid-year boost in sales was the '142' registration plate from the 1st of July with sales for the second half of this year already representing over 30% of new car sales in 2014 compared to 17% for the second half of 2012, the last year under the single plate system," Alan Nolan, Director General of SIMI said.

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