New car sales continue downward for third year

New  car  sales in Panama continue to slide with a 5.6% drop to 31,498  in  the first 8 months of the year says the  Automobile Dealers Asssocuation (ADAP).

 The Comptroller General reports that in 2018 and 2017 there were decreases of 10.6% and 14.7%.

 Gustavo De Luca, president of ADAP, said in a press release that despite the  decrease in sales, compared to the same period last year, there is  a change in consumer  confidence so: “We view next year  with optimism.”

Car sales have registered a decline in recent years as a result of the economic downturn  in the country, although this was one of the most flourishing activities.

As of August this year, the compact SUV and small SUV, was the segment with the best sales record, with a total of 5,115 and 4,968 units, respectively. The Toyota Hilux was the best selling model in the first eight monts with 1,852 units, followed by the Hyundai Accent, with 1,826, and the Kia Rio, with 1,412 units. Toyota, with 6,250 units, was the best selling brand followed by Hyundai, with 5,487; Kia, with 3,746; Nissan, with 3,675 and Suzuki, with 2,552.