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👉 NPV’s registrations up 22% in April 2023
👉 Rising interest rates affect vehicle financing solutions
👉 Electric cars: large city residents favor the most autonomous models
👉 Used cars market slowly recovering around the oldest modelsThe automotive market in France is looking good and up for the ninth month in a row. In April 2023, registrations increased by 22%. The possible postponements of traffic ban in certain large cities help second-hand cars to stabilize and remain steady.
Relative optimism on the new passenger cars market (NPV)
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According to data provided by AAA, the augmented data expert, registrations amounted to 132,509 units over the past month, a 22% jump compared to April 2022. However, that upward trend in the market needs to be tempered as the basis for comparison is at a low point. In the same month last year, 108,724 new registrations were recorded, a 23% drop compared to April 2021.
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“Given the current period, the automotive market can be relatively optimistic for the upcoming months. According to the manufacturers, order backlogs are being well replenished. Incomplete vehicles are also being stockpiled, waiting to be finished as soon as parts become available. However, once this inventory is produced and delivered, the outlook is gloomier. Orders are at their lowest point, down 14% between January and March 2023” analyzes Marie-Laure Nivot Head of Market Intelligence at AAA DATA.
Rates hike raises the stake for financing solutions
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While in 2022 there was a shift in vehicle financing solutions for individuals in favor of leasing, the recent rising interest rates seems to reshape the financing landscape which could ultimately penalize leasing. Leasing solutions (lease buyout and long-term rental) accounted for 51% of new passenger’s cars in April 2023, compared with 49% for buyers. They accounted for 52% and 48% respectively last year over the same period. From this perspective, some manufacturers, such as Stellantis, have decided to extend the duration of their long-term rental and lease to own contracts. They wish to maintain acceptable monthly rents for their customers, who are facing challenges with the combine car prices and interest rates hikes.
Electrified vehicles continue to gain momentum
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Electrified vehicles (electric and hybrids) continue to drive the market upwards. Electric models registrations rose by 35% to 17,112 units, accounting for 13% of the market while hybrids gained 22% (including 6% for plug-in), with 41,807 registrations (including 10,874 for plug-in models). Alternative fuels vehicles (petrol + LPG) are also all the rage: +111% with 5,885 registrations. Gasoline vehicles are pretty much following the market trend, up 31% while diesel engines, predictably keep falling free.
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TOP 5 NEW PRIVATE ELECTRIC VEHICLES (April 2023)
- 1. DACIA (2 432 registrations)
- 2. PEUGEOT (2 322 registrations)
- 3. RENAULT (2 125 registrations)
- 4. TESLA (1 824 registrations)
- 5. FIAT (1 365 registrations)
Breath of fresh air for older used vehicles
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Penalized by soaring prices and the implementation of low emission zones, the used car market fell less sharply than in previous months (-3,2%), with 420,067 registrations. Although, most recent used cars registrations remain at low levels (-9.4% with 130,041 registrations), possible calls for postponement of forthcoming Low Emission Zone in a couple of large cities, such as Paris (a 18 month report, shifting the deadline to the end of 2024/beginning of 2025, is expected) seems to have restored some color for the oldest used car in the French fleet, by postponing the insistence of replacing car. Thus, used car models between 5- and 10-years old registrations have increased by 0,5% with 88, 776 units. The oldest models over 10 years old have almost stabilized (-0.4%) with 201,250 units.
FOCUS
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Electric vehicles: what’s the buyer profile for the most autonomous models?
The rang of electric cars is a major concern for buyers and is closely linked to the price level of a vehicle. The more distance a vehicle can travel without needing to be charged, the more expensive it will be. For now, vehicles with a range between 362 and 460km (median value) and an average price of 40000 euros (list price excluding options and bonuses) are the top picks. In the first quarter of 2023, 80% of electric car registrations were concentrated in the following segments: B (Peugeot 208), B-SUV (Hyundai Kona), C-SUV (Volvo XC40) and C (Renault Megane-E)
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While one might think larger cities residents would be less inclined to favor models with the greatest autonomy, particularly because of chargers’ accessibility infrastructures, this is not the case. In the first few months of this year, the latter have preferred the most autonomous vehicles. Residents in Paris have opted for models with a median range of 430km while those in Marseille-Aix en Provence and Lyon for vehicles with a range of 395km and 386km, respectively. Remarkably, on the other hand, in small towns and rural areas, buyers chose electric cars with a lower range (362km).
Drivers in big cities prefer electric cars with greater autonomy
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There are several explanations to this: one the one hand, people living in large cities often have higher purchasing power than national average. “On the other hand, accessible and available chargers coupled with the implementation of LEZ and free parking for electric vehicles in Paris are also key factors” states Marie-Laure Nivot.
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More information or data available on request from the press service.
aaadata@rumeurpublique.fr
Ingrid Seithumer – 06 64 10 91 78
Diane Loth – 06 22 73 56 43 -
About AAA DATA :
AAA DATA leverages historical and extensive driven valued data expertise. We detect the right insights on consumers trend and the market to predict uses of tomorrow and deliver our customers tailor-made solutions. AAA DATA uses and builds a reliable and proven database. Thanks to our strong data repository and expertise, AAA DATA shapes and provides powerful cutting-edge solutions to anticipate tomorrow’s needs in a wide range of consumer sectors.
