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Car sales sharply up in May

23/06/2014 13:46
Saloon car registrations recorded a new significant increase in May, boosting forecasts for a gradual return of the consumers to the showrooms.

Cypriot market players talk about improved rates, however, the sector remains susceptible to pressures.

According to official Cystat data, total private saloon car registrations stood at 1.454 in May 2014.

Compared to May 2013, when vehicle registrations amounted to 1.007, this month’s increase has reached the impressive 44.4%.
This is largely attributable to the shock in the market after the bail-in of March 2013.

Speaking to StockWatch, Mercedes Sales Manager, Lakis Kostekoglou said the car market growth rates are improving compared to last year.

According to Mr. Kostekoglou, the upward trend in recent months has to do with the improvement of the consumers’ mood, the psychological factor and the enhanced efforts of the market players to attract consumers through offers and lower margins of profit.

Saloon car registrations showed double-digit decline for almost three consecutive years.
According to same figures, new saloon car registrations in May soared 50.5% to 721 from 479 in May 2013.

Similarly, used car registrations surged 38.8% to 733 against 528 in the corresponding month of 2013.

As for the first five months of the year, private saloon car registrations recorded an increase of 23.5% to 6.952 from 5.628 in the corresponding period of 2013.

In relation to the prospects of maintaining the upward trend in sales, Mr. Kostekoglou said; “We hope that this will continue but we should keep in mind that the market is not stable and is under constant pressure”.