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Trends in New Vehicle Sales Volume

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1 hour ago, Moderator_02 said:

Added to these factors are also the more demanding credit conditions that banks have imposed on granting loans for vehicle purchases, according to representatives of the Adap.

There’s the real answer as to why sales of new cars have been slowing down, imo. Less availability of financing. Not many vehicles here are bought for ca$h Balboa$.

Dealers were previously promoting Banks* who would finance cars over 5 to 7 years to anyone who had a pay stub and a pulse. They’re tightening up now on qualifications.

* The salesperson at the Dealer gets a ‘spiff’ from the Bank for the loan referral and the Bank gets a spiff from the mandatory Full Coverage Insurance on the car and Life Insurance on the borrower.

Everybody wins except the consumer who ends up with an older car that they’re still paying for.

 

Edited by Keith Woolford

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2018 Car Sales Projections

The union of vehicle dealers in Panama expects stability in sales of new cars next year, after the year 2017 showed deceleration with respect to the previous year.

Friday, December 22, 2017

Laestrella.com.pa reports that "...The executive explained in an interview with Xinhua that Panama should not expect to see a greater fall in 2018 than in 2017, following a period between 2000 and 2016, with a slight interruption in 2008 and 2009, in relation to with the global crisis, in which Panama's economy grew significantly, as did vehicle sales."

See: "Sale of New Vehicles Down 13%"

".... Díaz explained that this year, and after a 2016 in which there was a record in the sales of new cars in the country, one element that had a small impact on the hardening of sales was a decline in migration of foreigners to the country which occurred between 2012 and 2015, and the fact that 'the consumer economy is more endured' (conservative)."

See also: "The Vehicle Market in Central America"

Added to these factors are also the more demanding credit conditions that banks have imposed on granting loans for vehicle purchases, according to representatives of the Adap.

 

https://www.centralamericadata.com/en/article/home/Projections_for_Car_Sales_in_2018

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