In Costa Rica, companies in the automotive sector predict that eventual abrupt increases in the price of the dollar would have a greater impact on the spare parts market than on the sale of vehicles.
Most of the vehicle distribution agencies in the country agree that if the exchange rate continues its upward trend, a negative effect could be seen on the automotive spare parts market, since these are products that are imported in dollars but sold in colones, the local currency.In the case of vehicles, which are marketed in dollars, most companies believe that the dollar price increase has not yet had a significant impact, but they are focusing on advising their customers on how to manage the foreign exchange risk when taking out a loan to buy a car.
In the first seven months of this year 33,245 new vehicles were sold, which is 4.7% more than in the same period last year, with Toyota, Hyundai and Kia's being the best-selling brands.
During the first seven months of this year 33,245 new vehicles were sold in the country, 4.7% more than the 31,745 units sold between January and July 2013, maintaining the dynamism of previous months.
In the first four months of the year 18,000 new cars were sold, 10% more than in the same period in 2013.
With the sale of 4,797 new vehicles between January and April 2014, Toyota ranks as the best-selling car brand in the country. In second place is Hyundai, with 3,245 units and in in third place Kia, with 2,917 vehicles sold.
"According to statistics from the Automobile Dealers Association of Panama (ADAP) ...
In 2013 61.815 vehicles entered the country having a total value of $540 million, with Toyota, Kia and Honda being the three most imported brands.
In 2013 vehicle imports into Guatemala fell by 5.5% compared to total imports in 2012, going from $570 million to $540 million (CIF value), according to a report prepared by the Department of Commercial Intelligence at CentralAmericaDATA.COM.
Under pressure from importers the government has lowered taxes for importing used motor vehicles, but diluted the reduction by increasing the notional taxable value.
Car dealers in Costa Rica are asking for the establishment of a new formula for calculating taxes on used vehicles.
Entrepreneurs reached an agreement to suspend a blockade they had been holding on the North American highway and this Friday will meet with the chief of Finance, Edgar Ayales to hear his response to the taxes charged on used vehicles. "Let's hope that the Treasury helps us establish a new formula for calculating taxes on vehicles. If an agreement is not reached, we will return to the streets," said Cristian Salas, a representative of the Chamber for Used Vehicle Negotiators in Grecia.
In the first quarter of 2013, 17,105 cars were sold , ie 2,296 more than in the same period in 2012.
Prensa.com reports that "this represents an increase of 16% as from January to April 2012 14,809 units were sold, according to statistics from the Automobile Dealers Association of Panama (ADAP)".
The best selling brand during this period was Toyota with 3,672 units, followed by Hyundai with 3,556 units and Nissan 2,460 with new units.