Panama car sales continue downward plunge

VEHICLE sales in Panama continue to plummet, down  13.3 % in the first nine months of the year according to  the latest figures from the Comptroller General  with little sign that the picture  will change by year end in spite of   a rash of special “deals”

Until September, 42,514  that’s down from  49,059 in the same period last year and 46,041 in 2015

One of the reasons to for the reduction is said to be the overall slowdown in Panama’s economic growth after a boom period when the country’s  figures were a beacon in a world struggling to cope with expansion rates of one or two percent.

The slowing growth and rising prices  has  affected the housing market, the influx of new residents and the car  market

At the same time the useful life of vehicles has been The combined effect is reflected in plunging sales figures:

buses (-27%), trucks (-24%) and panels (-21.2%). Regular cars, including sedans, coupes and vans, (- 20%)

Currently, companies are competing for customers with pricing offers and discounts or benefits in the maintenance segment, reports La Prensa.