In 2022 car sales reached their lowest ebb for seven years as sales continued to drop for a fourth consecutive year because of growing uncertainty during the pandemic and the aftermath of Russia’s invasion of Ukraine.
According to CyStat data, last year recorded the lowest number of saloon car sales since 2015, with 26,598 cars registered from 26,634 in 2021.
Although the decrease of 0.1% from the previous year may look marginal, compared to the pre-coronavirus year of 2019, the drop is 29.6%.
In comments to the news site Stockwatch, car dealerships said the market was idle during the last months of the year, only to be reheated in January with the announcement of the second phase of a government incentive scheme for electric vehicles.
Hyundai Cyprus Brand Manager Charalambos Papacharalambous said the market was numb in November and December due to economic uncertainty.
He pointed out, however, that public interest has been resurgent after the announcement of government plans to subsidise low-emission and electric cars.
Regarding the delays in vehicle deliveries, Papacharalambous noted they would continue in 2023 due to shortages of components, especially semiconductors.
Of the total passenger saloon cars sold last year, 11,577 or 43.5%, were new, and 15,021 or 56.5%, were used cars. Rental cars saw a 72.1% increase to 4,102.
New registrations were up 9.1% to 11,577 from 10,611 in 2021, while used car sales were down 6.3%, falling to 15,021 from 16,023 in 2021.
Compared to 2019, registrations of new cars declined by 8.1%, and second-hand ones dropped by 40.4%.
The total number of registered vehicles fell by 2.7% in 2022 to 33,795, compared to 34,716 in 2021.
The main suppliers of motor vehicles to Cyprus during 2022 were Japan (38.6%), Germany (13.3%), France (9.2%), the United Kingdom (5.4%) and South Korea (4.9%).