CYPRUS: Car registrations hit a 10-year high

Car sales reached a decade-high as data on vehicle registrations shows that 21,642 saloons were registered during the first six months of the year.

It is the highest number of registrations recorded during January-June for passenger saloon cars since 2008, when the figure reached 27,266.

With more cash flowing into the economy people are more readily willing to make an outlay on a new or used car.

According to the Cyprus statistical service, a total of 21,642 cars were registered in the first six months, up 18.3% from the 18,290 that were registered in the same period of 2017.

From the total of registered passenger saloon cars, 35% were new (7,726) but the majority 64.3% (13,916) were imported used cars.

Hyundai Brand Manager Charalambos Papacharalambous told newsite Stockwatch that total sales were up 19% compared to last year – but this was mainly in imported second-hand cars.

"Unfortunately, this constitutes a state where we have ageing vehicles of old technology that pollute the environment much more,” said Papacharalambous.

“This is where the state needs to step in and give consumer incentives to buy new cars with low emissions and consumption, especially hybrid and electric vehicles.

There should also be disincentives for vehicles over five years old, they should not enjoy more tax discounts compared to new ones," he added.

New car registrations are only up by 2.2% compared to 2017 while used cars showed an increase of 29.7% on last year.

Among the most popular type of new cars attracting buyer-interest are petrol-guzzling SUVs.

Total registration of motorised vehicles – including bikes and vans – increased 17.6% to 26,059 in January-June, from 22,157 vehicles in the same period of 2017.