ECONOMY

Used cars speed up in market

Used cars speed up in market

The first four months of 2022 have ended with a year-on-year reduction in new car sales, while the rate of growth in imported used car sales has reached into the double digits.

The long delays in deliveries of new vehicles, which average six to seven months, the new prices that have seen significant hikes, and the absence of discounts by car traders are the main reasons for the picture that has formed in the domestic car market.

According to the data the Hellenic Statistical Authority (ELSTAT) released on Friday, 9,294 passenger cars hit the Greek roads for the first time last month, down from 10,043 in April 2021, a 7.5% annual drop. At the same time the sales of imported used cars maintained their robust growth rate, amounting to 6,317 and registering an increase of 21.3% from April 2021. In total, sales of new cars fell 5% over the first four months of 2022 from a year earlier, while sales of used imports jumped 36.9% on an annual basis and used car sales accounted for 45.8% of all car sales.

The delays began last summer, and instead of improving the situation is getting worse, say market professionals.