DRIVE TALKING

COST OF LIVING RISE HITS RECOVERY

THE hope that the significant increase in savings noted during the pandemic would result in unleashed consumer spending seems to be waning. New car registrations were up by 10.3%, at 7,886, for the month of April, compared with the same month last year, while sales in the year to date are up by 4.7%. That still leaves them running 20.9% behind the first four months of 2019. Consumer choices probably are impacted by uncertainty in the overall cost of living, with everything from fuel to domestic energy to food bills rising almost week on week. On the plus side, the switch to electric motoring continues, with 7,254 full EVs registered so far in 2022, more than double the number in January to April last year. Combined, EVs, hybrids and plug-in hybrids now account for almost 44% market share, followed by petrol ICE at 27% and diesel at 26%. The Top Five EVs are the Hyundai Ioniq (also World Car of the Year), Volkswagen ID.4, KIA EV6, Nissan Leaf and Tesla Model 3. A slump in sales of light commercials and HGVs, respectively down by 9.6% and 31.5% on 2019, also suggest fundamental issues with economic growth, and reflects the impact fuel costs are having on the services and haulage sectors.