What Vehicles Are the Most Popular?

In Panama, small cars gain market preference, as most buyers look for models ranging in price from $9,000 to $22,000.

Monday, January 14, 2019

The latest report of the General Comptroller of the Republic, according to the behavior reported in recent years, details that between January and November 2018 45,898 new vehicles were registered in Panama, 13% less than in the same period of 2017.

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Although the general trend is downwards, there is a preference for certain types of vehicles. Raul Abadía, ex-president of the Association of Automobile Distributors of Panama, Adap, told Panamaamerica.com that "... nowadays customers have more accessibility in the small car market because the cost is lower. This behavior occurs especially when people have a salary between $800 and $1,000 and the first option to choose is a small car. The market has been fluctuating, however, the Panamanians are looking for the car they like, and that's where SUV's in the market."

The report of the Comptroller said that in the first eleven months of last year, 16,488 new SUV's were registered, representing 36% of the total number of registered units.

Also see "What Car Brands are Circulating in Central America?"

Álvaro Yanis, national sales director of Petroautos, said that "... particularly, when car fairs are held, it is evident that Panamanians who earn between $700 and $1,500 is a much larger sample than those who earn $2,000 and $2,500. Small cars have market because they are cheap. Currently, these cars are being equipped with airbag systems to make them safer and consume less gasoline, but one must keep in mind that it is a small car."

According to vehicle distributors, among the models preferred by Panamanian consumers are the Grand i10, Hyundai Accent, Picanto, Kia Rio, Chevrolet Aveo or the Toyota Yaris.

See the most recent statistics from the Comptroller's Office.

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