CYPRUS: New car registrations at best level since 2011

New car sales reached a seven-year high with data showing that 8,910 saloons were registered in the seven months to July.

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It is the highest number of new car registrations recorded during January-July since 2011, when the figure was 9,198.

Total registrations of new and used saloon cars were also at their highest level since 2008 when the figure was 32,425.

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

According to the Cyprus statistical service, 25,157 new and used cars were registered in the first seven months, a 17.8% increase from the 21,351 that were registered in the same period of 2017.

From the total of registered passenger saloon cars, 35.4% were new (8,910) but the majority 64.6% (16,247) were imported used cars.

Industry watchers say drivers are attracted by the range of new models being introduced by the manufacturers at attractive prices.

New car registrations are up by 2.7% compared to 2017 while used cars showed an increase of 28.1% on last year.

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

The total registration of all motor vehicles – including bikes and vans – increased 17.3% to 30,373 in January-July, from 25,896 vehicles in the same period last year.