19/03/2012 13:18
Car market shrunk for the fourteenth consecutive month in February, hit by the impacts from the ongoing financial crisis and the lower purchasing power of the consumers.
It is believed that things will get worse in 2012.
According to official Cystat data released on Monday, total private saloon registrations in February 2012 fell 18.4% to 1,905 from 2,334 in the corresponding month of 2011.
New saloon car registrations dropped 6.6% to 1,107 from 1,185 in February 2011.
The problem is more intense in used cars. Used car registrations for the same month slumped 30.5% to 798 from 1,149 in the corresponding month of 2011.
Private Saloon cars decreased to 3.847 from 4.831 in January – February 2011, i.e. there was a decrease of 20,4%.
Negative forecasts for 2012
People of the sector expressed their pessimism for the course of the market in 2012 since there are no indications for the opposite.
They believe that the consumers’ psychology is affected by the economic conditions.
Speaking to StockWatch, Mercedes Sales Manager, Lakis Kostekoglou said that March will be even worse than February. “The situation in the car sector is tragic”, he said.
Similarly, Ford Sales Manager, Charalambos Papacharalambous told StockWatch that the market remains subdued.
“Car sales will be lower even compared to 2011, which was the worst year”, he noted.
According to the figures, car market in 2011 hit a 9-year low.
With reference to the reasons for the lower sales, Mr. Kostekoglou said that people are panicked by the prevailing conditions in Greece as well as the Cypriot banking system and suggested that things on the economy must change so that people’s psychology is improved.
On the other hand, Mr. Papacharalambous stressed the importance of bringing back a car withdrawal plan, which will give new perspective to the market via the renewal of the companies’ fleet with new environmental friendlier cars.
“This will be the only opportunity to return to positive trends”, he concluded.
It is believed that things will get worse in 2012.
According to official Cystat data released on Monday, total private saloon registrations in February 2012 fell 18.4% to 1,905 from 2,334 in the corresponding month of 2011. New saloon car registrations dropped 6.6% to 1,107 from 1,185 in February 2011.
The problem is more intense in used cars. Used car registrations for the same month slumped 30.5% to 798 from 1,149 in the corresponding month of 2011.
Private Saloon cars decreased to 3.847 from 4.831 in January – February 2011, i.e. there was a decrease of 20,4%.
Negative forecasts for 2012
People of the sector expressed their pessimism for the course of the market in 2012 since there are no indications for the opposite.
They believe that the consumers’ psychology is affected by the economic conditions.
Speaking to StockWatch, Mercedes Sales Manager, Lakis Kostekoglou said that March will be even worse than February. “The situation in the car sector is tragic”, he said.
Similarly, Ford Sales Manager, Charalambos Papacharalambous told StockWatch that the market remains subdued.
“Car sales will be lower even compared to 2011, which was the worst year”, he noted.
According to the figures, car market in 2011 hit a 9-year low.
With reference to the reasons for the lower sales, Mr. Kostekoglou said that people are panicked by the prevailing conditions in Greece as well as the Cypriot banking system and suggested that things on the economy must change so that people’s psychology is improved.
On the other hand, Mr. Papacharalambous stressed the importance of bringing back a car withdrawal plan, which will give new perspective to the market via the renewal of the companies’ fleet with new environmental friendlier cars.
“This will be the only opportunity to return to positive trends”, he concluded.
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