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Why do Cypriots prefer second hand cars?

November 1, 2018 at 10:52am
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Cypriots are opting for second hand cars, which have recorded an increase of more than 25% for the third consecutive year, while sales of new cars this year are expected to remain at last year’s levels.

According to the Statistical Service, in the first nine months of 2018 a total of 13,864 new cars were registered. The corresponding figure for second hand cars stands at 23,953 – which represents a 25.87% increase over the same period the previous year and an impressive 271.13% jump compared to registrations in the same period in 2013.

Used cars

2010: 21,634 registrations

2011: 15,997 registrations

2012: 11,353 registrations

2013: 8,823 registrations

2014: 10,809 registrations

2015: 12,458 registrations

2016: 17,217 registrations

2017: 26,033 registrations

2018: 23,953 registrations (Up to September)

As regards sales of new cars, these are up over the corresponding period last year but only by a marginal 0.44%. Compared to the first nine months of 2013, when 7,581 new cars were registered, the increase is 82.88%.

New cars

2010:  22,391 registrations

2011: 20,267 registrations

2012: 14,476 registrations

2013: 9,744 registrations

2014: 11,394 registrations

2015: 13,277 registrations

2016: 16,588 registrations

2017: 17,607 registrations

2018: 13,864 registrations (Up to September)

According to philenews’ business portal Insider, consumers prefer something cheap rather new. Moreover, the fall in the value of the pound sterling has also helped the second hand car market from the UK. Moreover, the ‘war’ in the European Union against diesel cars has prompted owners in those countries to sell them abroad.

All this could change with the planned changes in road tax where cars with higher emissions will pay more – possibly eroding the competitive advantage of a second hand car.

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