Slow Down in Vehicle Sales

Entrepreneurs in the sector have stated that the phenomenon affects Costa Rica exclusively, since at the global level prices of automobile sales are maintaining an upward trajectory.

Tuesday, July 3, 2018

According to statistics from the Ministry of Finance in Costa Rica, 5,835 new and used units came into the country in the first five months of the year, which represents a 16% drop compared to the same period in 2017.

See "Central America and the automotive market"

The sector's indicators show a deceleration in the last months, since the index of the cost of acquiring a vehicle, calculated by the National Institute of Statistics and Census, registered an interannual growth of 3.6% to March, while in the month May, the reported increase was just 0.24%. 

Miguel Gorrías, marketing manager of Nacional Automotriz, explained to Nacion.com that " ... the world industry is buoyant and international prices of cars are rising. The contraction is a local matter. 'In general, if you look at prices, analyze them and they tend to rise a little year after year because globally, the economy and the automotive industry are buoyant, so obviously the factories are taking advantage to raise prices, the slowdown is pointedly in Costa Rica'."

See also "Batteries for cars: From Mexico to Central America"

Regarding the current situation, Juan Ignacio Sansó, BMW sales manager, said that " ... 'It is normal that when the industry is down, importers lower their prices to offload the excess inventory they have'."

Do you need more information about your business sector?

Request more information:








this site is protected by reCAPTCHA and Google's privacy policy and terms of service.
Need assistance? Contact us
(506) 4001-6423


More on this topic

Red Numbers for the Automotive Business

January 2019

Costa Rica, Panama and Nicaragua are the Central American markets which reported reductions in sales of new and used vehicles during 2018.

According to figures from the Ministry of Finance of Costa Rica, from January to November 2018 imports of new vehicles totaled 31,008 units, and used vehicles 17,134 units, registering falls of 12% and 23% respectively compared to the first eleven months of 2017.

Cars, Spare Parts and the Price of the Dollar

June 2017

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.

Utility Vehicle Sales in Guatemala Grow

June 2012

In the first 5 months of the year, importers sold 2,960 new trucks, an increase of 63% compared to the same period in 2011.

In the first 5 months of 2011 1,820 new trucks were sold meaning that the figures for the first 5 months of this year show an increase of 62.6%, despite rising fuel prices.

30% Increase in New Car Sales in Nicaragua

July 2011

Although the numbers do not match those of 2007, a record year, in 2011 Nicaraguans are set to spend $112 million on new vehicles.

In 2009, unit sales fell by 50%, in the context of the global economic crisis. Recovery starting in 2010 recovery has now been confirmed in 2011 being spurred on by the growth of the Nicaraguan economy.

 close (x)

Receive more news about Auto Industry

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Gluten-free food business for sale

Operating Company dedicated to the manufacture of gluten-free and sugar-free products, OHNE brand.
The OHNE brand has 8 product lines: square bread, sweet...

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Jan 26)
Brent Crude Oil
55.320
Coffee "C"
125.4
Gold
1,852
Silver
25.469