– It shows that a lot of people have tighter finances

– It shows that a lot of people have tighter finances

New car sales fell sharply over the past year. And so it continues in 2024.

In total, only 5,122 new passenger cars were registered in January. It is much lower than the normal rate for this month.

Meanwhile, January was a record for the share of electric vehicles. For the first time, 92% of all new passenger cars are electric.

It became more expensive

– The registration number for new passenger cars in January was usually more than 9,000 cars. So it's a very low number that we're seeing now. This indicates that the auto industry entered 2024 without significant reserves for orders. The year we have left behind has clearly shown that many people have tighter finances due to interest rate increases and price increases, says Director Øyvind Solberg Thorsen of the Road Traffic Information Board (OFV).

At the same time, new taxes and tax increases on all cars, not least the fact that the tax deduction on hybrid cars was abolished at the turn of the year, have made buying a car more expensive. This is noticed by both car importers and dealers, especially those who want a new car. Car sellers now have to fight hard to get contracts, Solberg Torsen says.

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One model manages to do something unique

Choose cheaper cars

The January list also shows that large, expensive passenger cars are not dominant – as was the trend, for example, in the record year 2022.

– Now most people choose models with a more moderate price level. Increases in prices and interest rates, which for many raise the threshold for purchasing a new car, may be part of the explanation. But the numerous campaigns by car dealers, with low prices, benefits and favorable payment terms, especially for many electric cars, also contribute to the fact that it is now a buyer's market, says Solberg Torsen, in a press release.

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Used car? Then diesel cars hold up well

It went quickly

These are the best-selling cars in January 2024:

For the first time, 92.1% of all new passenger cars registered for the first time are electric. For comparison: In January 2023, the share of electric vehicles was 66.5 percent. Here, development proceeded very quickly.

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There are now very few sales left for other transmissions. Pure gasoline and diesel cars are virtually absent from the statistics. But there is still a certain volume of plug-in hybrids. It is also expected to be able to increase slightly later in the year.

Last year: A record number of people canceled their contracts

(The article was first published by broom)

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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