articles | 09 September 2020

Cyprus new car sales slump to five-year low

New Car sales dipped to a five-year low in Cyprus for the first eight months of the year after the impact of COVID-19 lockdown, official data indicated Tuesday.

For the eight months to August, new car registrations reached 6,822, a 21.9% annual decline.

The last time new car sales fell this low was in 2015 (6,514).

Second-hand cars made steeper sales drop of 24.6% falling to 12,601 from 16,719 last year.

Used and new car registration also hit a four-year slump with a total of 19,423, down 23.7% on the same January to August period in 2019 (25,450).

The total registrations of motor vehicles decreased by 20.3% to 24,969 in January-August 2020, from 31,336 in 2019, according to Statistical Service data.

Of total passenger car registrations, 35.1% were new and 64.9% were used cars.

In August alone, total registrations of motor vehicles numbered 3,217, a decrease of 1% compared to August 2019.

Passenger saloon cars registered a fall of 2.8% to 2,560, for new cars the decline was a higher 11.5%.

Goods conveyance vehicles decreased by 17.7% to 2,988 in January-August, from 3,632 in January-August 2019.

Light goods vehicles decreased by 19% to 2,523, heavy goods vehicles by 8% to 357 and road tractors (units of trailers) by 16.3% to 108.

Mopeds under 50cc recorded a decrease of 32.6% to 128 in January-August 2020, compared to 190 in the same period last year.

Motorbikes over 50cc increased to 1,932 in January-August 2020, compared to 1,654 in 2019, recording an increase of 16.8%.

In 2019, the registration of passenger cars decreased by 7.1% to 37,802, from 40,683 in 2018.

Source: Financial Mirror

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