New Boost for Electric Car Sales

Favorable financing conditions for the purchase of this type of vehicle and lower rates for freight services are part of the actions proposed by the government of Costa Rica to boost sales of electric vehicles.

Wednesday, October 2, 2019

The state-owned Banco Popular, Banco Nacional and Banco de Costa Rica are the financial entities that will offer attractive conditions in their credit lines for the purchase of electric transportation units.

You may be interested in "Electric Cars: Who Are the Potential Buyers?"

Banco Popular will have special credit lines for electric buses, electric taxis, electric business fleets and electric private vehicles. In the financing for electric buses, through the Environmental Management program, the rate in colones is TBP+3 and in dollars is prime+2.50, commissions are capped at 1.5%, up to 1.5% and a term of 10 years, informed the presidency of Costa Rica.

The Bank of Costa Rica will have its credit line "PRO-ECO", which provides for the purchase of electric taxis, the interest rate has a discount on the current vehicle product, 80% financing, with a term of up to 5 years. For electric vehicles to individuals, will offer interest rates with discounted rate with respect to the current vehicle product, the percentage of financing in colones of 90% and in dollars is 80%, term up to 7 years, discounts on the formalization commission (depending on type of customer) and 0% commission for advance payment.

Also see "Auto parts: Market Figures in 2018"

On the other hand, the National Bank announced that it will promote preferential credit lines for the purchase of both electric buses and electric vehicles for individuals.

In the case of the Regulatory Authority of Public Services (ARESEP), began the development of an electric tariff for electric bus charging nationwide, which will be completed during the first quarter of 2020, in order to facilitate the incorporation of this type of technology in the fleet of regular route buses.

This is a flat rate with favorable conditions to allow loading on the campuses, explains a government statement, released on October 2.

CentralAmericaData reported that because of tax benefits that have been granted to the import of electric cars, the number of units that entered Costa Rica went from 40 in 2017 to 350 in 2018.

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New models, better financing conditions and increased imports of used units would boost the sale of electric vehicles next year in Costa Rica.

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In the past five years used cars lost 24% of market share due to improvements made in installment terms and interest on loans for buying new vehicles.

The market for used vehicles in Costa Rica has seen five years of decline, lacking attractive incentives for imports and being at a competitive disadvantage to the new vehicles market.

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Analysis has been conducted on the composition of the loan portfolio to buy vehicles, one of the fastest growing sectors in recent years.

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