10/12/2004 13:08
The increase in the new car market share at the expense of the used cars – despite the increased sales in both categories – is the result of the new taxation on cars imposed last November. The enforcement of the new regulations that will govern the import of cars in 2005 is expected to boost further new car sales. According to CYSTAT data released on Friday, the number of private car registrations in November increased 161.1% to 3,557 against 1,362 in the corresponding month of 2003, when the market “had frozen” in anticipation of the public discussion.
Similarly, new car registrations for the same month recorded an impressive increase of 563.4% to 1,672 against 252 in the corresponding month of 2003. Used car registrations showed an increase of 69.8% to 1,885 against 1,110 in November 2003.
In January-November 2004, private car registrations increased 53.3% to 38.893 against 25,369 in the corresponding period of 2003. New car registration soared 151.5% to 16,597 against 6,600 in January-November 2003, while used car registrations showed an increase of 18.8% to 22,296 compared to 18,769.
4 of 10 cars are new
The total market share of the new cars in January-November increased 42.7% from 29.7% in the corresponding period of 2003. In November, however, the new cars market share increased 47% against 18.5% in November 2003.
“This trend will continue, mostly due to the introduction of regulatory ‘filters’ in 2005 pursuant to harmonizing legislation that will govern the import of this category of cars”, Chairman of Car Importers Association, Haris Stavrakis told StockWatch. “The models that will be imported will be limited. There are also serious delays in the enforcement of the regulations that should have been in effect since May 1”, he concluded.
Similarly, new car registrations for the same month recorded an impressive increase of 563.4% to 1,672 against 252 in the corresponding month of 2003. Used car registrations showed an increase of 69.8% to 1,885 against 1,110 in November 2003.
In January-November 2004, private car registrations increased 53.3% to 38.893 against 25,369 in the corresponding period of 2003. New car registration soared 151.5% to 16,597 against 6,600 in January-November 2003, while used car registrations showed an increase of 18.8% to 22,296 compared to 18,769.
4 of 10 cars are new
The total market share of the new cars in January-November increased 42.7% from 29.7% in the corresponding period of 2003. In November, however, the new cars market share increased 47% against 18.5% in November 2003.
“This trend will continue, mostly due to the introduction of regulatory ‘filters’ in 2005 pursuant to harmonizing legislation that will govern the import of this category of cars”, Chairman of Car Importers Association, Haris Stavrakis told StockWatch. “The models that will be imported will be limited. There are also serious delays in the enforcement of the regulations that should have been in effect since May 1”, he concluded.
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