From January to May 22,408 new vehicles were sold in the country, 3000 more than in the same period in 2012.
Monday, July 1, 2013
Prensa.com reports that "although 2013 began with a 3% drop in vehicle sales, which was due to an increase in spending generated by the year-end holidays, and therefore a reduced availability of money, subsequent months have shown gradual increases. "
According to the latest statistics from the Automobile Dealers Association of Panama (ADAP by its initials in Spanish), in January 3,654 units were sold, while in May the figure was 5,303. Experts on the subject have explained that the growth in sales is due to the economic boom in the country, in addition to financing facilities in local banks.
On the other hand, the Panamanian Credit Association (APC by its initials in Spanish) revealed that in May there were 100,860 vehicle loans registered, which is an increase of 14.4% compared to the same period in 2012. The loan portfolio had a variation of 20.5% compared to the same period in 2012, going from $890.6 million to $1.0732 billion at the end of May 2013.
The growth in the last three years is mainly due to easier credit by local banks and the economic growth that the country has been experiencing.
Data from the Transit and Transportation Authority (ATTT) reveals that in 2010 there were 550,000 cars circulating in Panama, while so far in 2013 the number has increased to 900,000, ie, in just three years over 350 thousand automobiles have been added to Panama's roads.
In September, the Panamanian Credit Association reported a total of 92,000 active loans, 10% more than in the same period in 2011.
Vehicle sales data from the Automobile Dealers Association of Panama (Adap) indicates that in October alone 5619 units were sold, 4% more than in the same month last year.
4,939 new cars were sold during that month, 46% higher than the same period of 2009.
In the first ten months of the year, sales grew by 16%, boosted by the October numbers.
"The October result, with a 46% increase in sales, was in part due to the Panama Motor Show, where buyers took advantage of great deals in prices and in interest rates," writes Prensa.com.