Insider Business Registration of rental cars in Cyprus on the decline

Registration of rental cars in Cyprus on the decline

The island’s vehicle industry appears to be numb these days, with saloon car registrations recording a double-digit fall in the first six months of 2019. Specifically, registrations have dropped by 11.7% to 19,102 compared to 21,642 in the first half of 2018.

Numbness is also recorded in the registration of rental cars which seems to be linked with this year’s ‘uncertain’ tourism season. Specifically, 2,507 rental cars were registered during the first half of 2019, compared to 3,454 the same period last year. The overall recorded fall is as high as 27%.

In general, a decline of 10% was reported in the annual motor vehicle registration over the first half of 2019, according to the island’s Statistical Service. At the same time, the total number of newly registered vehicles dropped to 23,449 compared to 26,059 the same period in 2018.

Moreover, the biggest decrease for January-June 2019 period was recorded in new vehicles registrations which as high as 11.2%. Specifically, registrations fell to 8,887 over the first half of 2019 compared to 10,005 the same period in 2018, while second hand car sales fell to 14,562 over the first half of 2019 compared to 16,064 the same period last year.

Of all registered saloon cars, 6,716 or 35.2% were brand new and 12,386 or 64.8% were second-hand ones. In addition, freight vehicle registrations increased by 2.6% to 2,680 between January-June 2019, compared to 2,613 in the corresponding period of 2018.

 

Read more:

https://in-cyprus.com/vehicle-registrations-drop-by-10-in-the-first-half-of-2019/

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