According to the reported decrease in new car sales in 2017 and 2018 in Panama, during 2019 the negative trend continued, as 47,866 units were registered, 6% less than the previous year.
Reports from the General Comptroller's Office of the Republic explain that since 2017 there has been a drop in new vehicle sales, since 56,905 units were sold that year, 15% less than cars sold in 2016.
After registering increases in the number of imported vehicles in November and December, car dealers in Costa Rica expect that this 2020 will reinforce the positive trend.
According to data from the Ministry of Finance in November last year, 4152 vehicles were imported into the country, a figure that exceeds by 12% that registered in the same month of 2018.
During the first 11 months of 2019, 2,421 luxury vehicles were sold in Panama, a figure 8% higher than that reported for the same period in 2018.
According to the most recent report from the General Comptroller of the Republic, between January and November 2018 and the same period in 2019, in general the number of units registered in the country fell slightly, from 45,896 to 44,101.
In the first half of 2019, the region imported vehicle parts and spare parts worth nearly $560 million, and 50% was purchased by companies in Guatemala and Panama.
Figures from the Trade Intelligence Unit at CentralAmericaData: [GRAFICA caption="Click to interact with graphics"]
Super Repuestos, a company dedicated to the marketing of vehicle parts, announced that next year will invest in the opening of two branches, one in El Salvador and another in Honduras.
The sales point of El Salvador will be located in the municipality of Nejapa and the establishment that will operate in Honduras, will be in the city of La Ceiba. Both buildings are currently under construction.
Providing in-home maintenance service, enabling more service centers in strategic locations and providing payment facilities to customers are part of the changes being implemented by vehicle agencies to increase their revenue.
The maintenance service through mobile service stations is one of the trends that is taking hold in Costa Rica, as the country's road conditions make it increasingly difficult for customers to move their vehicles to a service station.
As of January 2020, electric vehiclesimported into El Salvador and Honduras will be exempt from the import duty, which was 30% in El Salvador until now.
During the first ten months of 2019, 2,210 luxury vehicles were sold in Panama, a figure 9% higher than that reported in the same period of 2018.
According to the latest report of the General Comptroller of the Republic, between the first ten months of 2018 and the same period of 2019, the number of units registered in the country fell slightly, from 41,182 to 40,940.
From January to June 2019, companies from Central American countries imported new tires for $221 million, a figure 3% higher than that reported in the same period in 2018.
Figures from the Trade Intelligence Unit at CentralAmericaData: [GRAFICA caption="Click to interact with graphic"]
After the number of new vehicles sold in Panama fell 11% between 2017 and 2018, this year the distributors’ guild estimates that the year-on-year decline could be just 2%.
With the changes in the Manual of Procedures for the Inspection of Vehicles in force since November 6, the used units that are imported into Costa Rica and that have been declared in total loss or taken out of circulation in their country of origin, will not enter.
The importation is prohibited for registration of used vehicles established in Article 5 of the Transit Law such as, total loss, removed from circulation in their country of origin, unauthorized structural joints, altered odometers or right-hand drive, that have been declared in total loss in their country of origin or that do not comply with certain parameters that protect the final beneficiary as purchaser of the same in our country, explained the Ministry of Finance.
The number of luxury vehicles marketed during September in Panama increased by 6% compared to the same month in 2018, a rise that contrasts with the fall in vehicle sales overall.
According to the report of the General Comptroller of the Republic, between the first nine months of 2018 and the same period of 2019, the number of units registered in the country fell from 37,084 to 34,906.
At the end of the first half of 2019, 8% of the units on the streets of Central America were Honda, 7% Nissan, and 6% Hyundai, while Suzuki, Mitsubishi, Kia, Mazda and Ford made up 20% of the total.
The report "Vehicular Fleet in Central America", from the Trade Intelligence Unit of CentralAmericaData gathers the most updated information on the automotive market in Central American countries.
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