In the first nine months of 2024, the Italian new car market recorded a 1.9% increase in registrations and a 3.8% rise in financing requests compared to the same period in 2023. However, this growth is less pronounced than in previous years, highlighting issues related to purchasing power and rising vehicle costs. Young people (aged 18-29) face particular difficulties, with a 3.1% drop in registrations and a 0.8% decline in financing requests, showing reduced access to the new car market.
New cars dominate the North, used cars lead the South
Regional analysis reveals notable differences in consumer behavior. The Center-North accounts for 60% of financing requests for new cars, with Lombardy alone covering 21.3%. Conversely, the used car market prevails in the South, with Sicily, Campania, and Puglia representing 38.4% of financing requests in this segment. These trends reflect socio-economic disparities, with lower-income regions relying more on second-hand solutions.
Shifts in fuel type preferences
The automotive sector is undergoing an energy transition, but the results are mixed. Registrations of diesel cars fell by 22.8%, while hybrid cars continue to gain traction (+12.9%). However, plug-in hybrids (PHEVs) and battery electric vehicles (BEVs) are struggling to take off, hindered by limited and insufficient incentives. In the used car market, alternative fuel types are gaining momentum, albeit from a low starting point.
Financing trends: from balloon payments to flexible solutions
The financing landscape is evolving. For new cars, there has been an increase in balloon payments exceeding €20,000 (+22%), signaling a greater reliance on long-term solutions. In the used car market, loan terms longer than five years have grown by 14.5%, offering consumers more flexibility to manage costs.
Commercial vehicles: caution and cost control
The commercial vehicle sector shows a more cautious trajectory. While registrations grew by 10.6%, financing demand remains subdued. Preference is given to smaller loans (up to €15,000), reflecting a conservative approach by businesses and self-employed professionals aiming to manage costs in uncertain economic times.
A forward-looking analysis
The biannual report by the Credit & Mobility Observatory, a collaboration between Experian and UNRAE, provides a clear view of market trends. This partnership enables the anticipation of industry developments and the proposal of innovative solutions to ensure fairer credit access, thus fostering the growth of the automotive sector.
