New car sales are set to be the strongest in seven years because of the availability of cash from maturing SSIA accounts.
Figures released by the Society of the Irish Motor Industry today show sales in May were up 17.55 per cent on May 2006. A total of 20,689 cars were sold in May.
Simi said new car sales were up 7 per cent in the first five months of the year, compared to the same period in 2006.
"Even though cars sold in May would have been ordered in the previous months, the strong market more than likely reflects the release of SSIA funds," said Simi CEO Cyril McHugh
"With a 7 per cent overall increase in the year to date market it is now likely that new car sales this year will reach 190,000, making it the second best year for new car sales after 2000 when over 230,000 cars were sold."
Toyota cars account for more than 15 per cent of the market, followed by VW (11.38%), Ford (10.98%), Opel (8.82%) and Nissan (7.77%).
