Moderate inflation and the brake on interest rates will boost car sales in October

Moderate inflation and the brake on interest rates will boost car sales in October

In October, 77,892 new passenger cars and SUVs were registered in Spain, 18.1% more than the same month in 2022. In the accumulated figure for the year, total sales will reach 789,272 units and it is expected to end the year more than 940,000.

The sale of new cars recorded an increase in 18.1% in October, with a total of 77,892 units were registeredwhich has been a relief for the Spanish car sector after the cold water that the September data with less than 69,000 deliveries and a minimum increase of 2.3%.

According to the Spanish Association of Automobile and Truck Manufacturers (Anfac), it is “incredible growth and more than expected compared to the same month last year, which happens despite the current economic situation.” “The reduction in the rise in inflation and the brake on the rise in interestwith the increase in the rate of car production, there is a positive effect which allowed for an increase in sales this past month,” explained the boss.

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In it cumulative of the yeartotal sales revenue 789,272 units enrolled, 18.5% more than last year, so Anfac believes that, if this growth rate is maintained in the last two months of the year, the forecast of 940,000 units can be reached at the end of the fiscal year. “In any case, the national market is still, until October, 17% below 2019 figuresbefore the pandemic,” pointed out the association of manufacturers.

By means of sales channels, all managed to improve the numbers compared to October last year, according to Anfac data. Sale of privately achieved a remarkable increase of 22.2%, up to 38,110 units. Similarly, the market is aimed at companies and tenantsgrew by 14.7% and 12.7%, respectively, with 33,942 units for companies and 5,840 sales for ‘rent-a-car’.

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The increase in registrations in October is also explained by the fact that “dealerships still have stock and there are many cars available,” according to the dealer association (Faconauto).

“Besides, Brands and retailers are increasingly ambitious with their campaigns towards the end customer and this, logically, drives demand. What is expected is that the good trend in registrations that we saw in October will continue in the months of November and December, which They are traditionally very good from a commercial point of viewand this leads us to comfortably overcome the 950,000 registrations in the current year”, they added from Facouato.

The association of dealers and workshops (Ganvam) also points to the reduction of inflation and the prevention of rising interest rates as a factor in the market. Above all, “has a positive impact on the retail channelwhich concentrates almost half of the sales volume, which pulls the market, “said Ganvam, who hopes that in 2024 the psychological barrier of million units.

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she Dacia Sandero is the best-selling car in October in Spain, first in MG ZS, with 3,059 units registered, 80.4% more than last year. The Romanian utility vehicle leads the passenger car market in Spain with 22,714 units enrolled so far this year, 37.8% more than the same period in 2022.

As in brandsthe one that sold the most in October was, once again, Toyota with 7,007 units registered, 18.4% more than last year. Come on second with 5,608 deliveries and an increase of 1.9%, while Hyundai It was third with 5,272 registrations. In the accumulated year, Toyota is a little more leader with 66,775 units were registered11% more than last year.