Used Cars Market In Decline In Ireland
As the global recession hits hard its no wonder that the sale of new cars are down by 60% in Ireland since January 1st to date. This wont change for a while yet.
Those that have money will not go out splurging it on expensive new cars (what will the neighbors say) and are adopting the attitude of wait and see what happens in the economy.
Those that have used cars are also not changing their car unless its knackered or crashed and are repairing it instead. Ask any mechanic and he will tell you he has never been busier. So too are all those industries associated with the motor industry from the guy who repairs second hand clutches to the scrap yards and car breakers as recycling parts is now the in thing to do.
Before when Ireland was at its peak people were buying new cars or replacement cars when the repair bill was more than 200 euro, getting money on their old car and upgrading to a better car.
Now however the cash is tighter, banks aren’t lending and those who got loans easily a year before now couldn’t rent a bike as the credit dries up.
Recently I found out about a guy who was trading in his 07 land cruiser because the tyres were bald. He could afford the monthly repayments to the bank, but not the 1200 euro to replace his tyres.
Now the banks will not give approval on another vehicle and he’s stuck with a vehicle he can’t afford to repair as is the case with lots of people in Ireland today. So what is to be done.
Simple answer is nothing as long as the economic crisis continues then the car dealers will not sell cars, new or used and will not see the record breaking figures of two years again.
Car sellers with motors for sale will now have these cars on their forecourts for a long time to come.
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