Repsol YPF
Ruta
Car prices fall in the first quarter
According to the latest data concerning car prices in the last three months, there has been a fall up to March, a 5.8% drop compared to the same period last year. The data published by Faconauto shows that, according to this asociation, one of the conclusions that can be drawn is that there has been a change in demand after the introduction of the new registration tax.
It can be confirmed that there have been significant changes in both consumer attitudes as well as in the prices of cars in the first three months of 2008 after the publication of the relevant data and the aggregate sales figures. The truth is that since the new registration tax came into force last January the market to a certain extent has changed.
On the one hand, the price of a car has dropped in the last three months, above all conditioned by constant growth in the number of special promotions, discounts and other reductions such as sales and which has turned into a price war involving dealers. The discounts grew and grew and were up up to 19.6% in March, with the average now reaching almost €2 000 per vehicle.
And on the other hand, the latest comments made by Faconauto (the Federación de Concesionarios de Automoción Car Dealer Association) emphasise the effect of the new registration tax - Impuesto de Matriculación – as it thinks that it has modified the type of demand. The result of the new tax being that the public is buying smaller vehicles – city cars and minis. These modifications in consumer behaviour may mean that dealers will have to prepare themselve for the same sort of habits during the rest of the year –everything seems to indicate that buying habits may continue along the same lines the rest of the year.
4/21/2008
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