In September, 29.4 per cent fewer new cars were registered than in the same month in 2022.
New car sales were slow in September. Only 10,342 new passenger cars were registered. That is 29.4 percent less than the same month last year. At the same time, the proportion of electric vehicles is at a record level.
– The decline may be due to higher interest rates, value added tax on electric cars, increased car taxes from the New Year and general price increases, writesThe Road Traffic Information Council(OFV).
The number of new car registrations was also lower in August; ten percent lower than the previous year. With several interest rate increases and economic challenges ahead, it is expected that new car sales will remain low in the final months of the year.
New passenger cars per year and the development in the mortgage interest rate per year (Graphs: OFV)
The share of electric cars is breaking records
Although new car sales have decreased, the share of electric cars has increased. 87 percent of all new cars registered in September were electric cars.
The proportion of electric cars has been fairly stable throughout the year and now accounts for more than 83 per cent of all new cars.
Overall, the number of first-time registered new passenger cars has fallen by 7.1 per cent compared to last year. Many choose more affordable car models, and the demand for expensive luxury cars has decreased.
The economy affects
VAT, taxes and increased prices have negatively affected the decision to buy new cars. Director Øyvind Solberg Thorsen of OFV says that many postpone or cancel the purchase of a new car due to financial concerns.
Due to the events of 2023, the decline in new car sales in September is not surprising. People are now choosing more sober cars, especially electric cars that cost less than NOK 500,000, to avoid VAT.
The trend from September is expected to continue through the fourth quarter, and there is little optimism for increased car sales at the end of the year.
The 10 best-selling car brands in September – number
Decrease in wrecked cars
The number of scrapped cars has decreased by nine per cent compared to last year, while the used car market is still strong. Gross imports of used cars have fallen significantly, but exports have increased.
Most diesel vans
Although electric vans make up 33 per cent of first-time registered vans, there are still more diesel vans being registered. Diesel vans make up 65 per cent, but there is a decrease in the number of registrations compared to the previous year.
The combination of VAT on electric cars, significant tax changes and a sharp general price rise and many interest rate increases have led to many people either waiting and postponing or even canceling the purchase of a new car, says director Øyvind Solberg Thorsen of the Road Traffic Information Council (OFV).
– Don’t take too much Møller’s cod liver oil – Many people are having a tougher time now than just a year ago, and we hear clear signals from both people and the industry that further increases in fees are not what is needed. Now it is important that the finance minister takes the signals, instead of taking “too much Møller’s cod liver oil” by increasing taxes or touching the VAT base for 2024, says Solberg Thorsen.
The 10 months with the highest proportion of electric vehicles
