Vehicle Registration figures show that consumer confidence in the economy is growing – Farrell

Fine Gael TD for Dublin Fingal, Alan Farrell is delighted with the latest CSO Vehicle Registration figures which show a 34.4% hike in the number of new private cars registered in September 2014 compared to last year, reflecting the public’s confidence in a growing economy.

“There has been an increase of 34.4% in the new cars registered in September 2014 compared to September 2013. Significantly, there has also been a jump of 52.8% in the number of goods vehicles licenced in September 2014 compared to the same period last year.

“Cars, vans and lorries are major investments for families and businesses. It is hugely encouraging that people feel secure enough to make such investments and it is a great boost of confidence for the economy that businesses see fit to plan ahead by purchasing new vehicles.

“This increase in car sales is a positive indication of the economy’s growth and it also provides a welcome boost to the Exchequer. Up to the end of August 2014, €461 million had been generated from VRT and it is estimated that €224 million in VAT was paid on new cars. As a result of this increase in vehicle sales the Exchequer now has an extra €145.5 million to spend on supporting the state and this figure will increase further when September’s sales are added.

“Every car and commercial vehicle that is sold in Ireland results in a VAT and a VRT payment to the State. This revenue had more than halved between 2007 and January of this year as sales collapsed from 186,000 to less than half that figure.

“There are increasing signs of revival in the economy and car sales are an important indicator of how the economy is growing. I realise that many people are not in a position to buy a new car and that they are not yet feeling the effects of the recovery but things are moving in the right direction. The Government is focused on job creation and on ensuring that everyone feels the effects of the recovery in their daily lives.”