In May, Colombia presented 15,695 new vehicles registered, which corresponds to 30% less than in the same period in 2022 when 22,435 units were registered. This data from Andemos and with calculations from the Single National Transport Registry (Runt) shows the decline in this sector.
“Contrary to what is happening in Latin American markets, with the exception of Chile, the Colombian car market in 2023 shows a constant decline and is declining at a significant pace,” said Olivero García, president of Andemos.
In total up to the fifth month of the year, 76,434 (-24.0%) new vehicles were registered in the Colombian fleet.
All three technologies fell for the first time this year: BEV electric vehicles (242) (-25.1%), HEV electric hybrids (2,125) (-15.3%) and PHEV plug-in hybrids (219) (-0 .5%).
This panorama and behavior suggests, according to Andemos, that the financial system should help stimulate car purchases and have an impact on the sector.
“One of the factors that most discourages the purchase of vehicles are the high financing coststherefore we invite the financial sector to seek measures to lower interest rates,” said Oliverio García.
In the market there are financial institutions with interest between 9.20% and 14.70% with terms of up to 84 months, but taking into account that these loans are intended for the purchase of commercial vehicles and not for individuals, explains Melisa Murialdo, a public accountant.
Others banks offer interest from 18.02 % through plans where the customer agrees, with no credit experience required, to finance up to 100% of the vehicle.
Not all credits that can be found in the market are specific to the purchase of a car, but there is an offer to provide liquidity with personal, consumption or free investment credits so that users can have that money and use it to purchase a vehicle . Loans with higher interest rates are also offered in other entities such as Mi Banco or Banco Santander, always with the characteristics of both the vehicle and the user as the main factors.
Vehicle registration is considered one of the most important for economic growth and job creation in the country. The concern is how this could affect the country’s gross domestic product at the end of the year.
Andemos has projected 200,000 new units will be registered by the end of 2023. The more than 15,695 until the fifth month of this 4 years represents 7.8% of the target. In 2022, 262,595 new cars were sold In Columbia.
Despite the numbers, Andemos highlighted growth by city, with Envigado up 11.2% and 1,268 units, followed by Villa del Rosario with a variation of 44.4% and 1,076 records.
By segment, pickup and commercial passengers remain with positive variations at 23.8% and 23.7% respectively.
The top five brands: Toyota leads the top of the brands with the most registrations during the fifth month with 1,150 registrations, followed by Suzuki (405), Mazda (292), Mercedes Benz (110) and Nissan (102).
Among the premium brands, BMW remains at the top of the list with 247 registrations (28.6%). The top 5 is completed by Mercedes Benz with 146 (-49.5%), Audi with 97 (32.9%), Mini with 60 (71.4%) and Volvo 55 (-19.1%).
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
