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Friday 18.08.2017 | Name days: Liene, Helēna, Elena, Ellena, Liena
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New car market grows in Latvia, but remains behind other Baltic countries

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULast year, Latvia’s used cars market declined by an average of 2%. This decline was even more rapid in the second half of the year – of 5-7%. The new cars market, on the other hand, grew by 7%, according to information from iBizness.

The used cars market in Latvia dropped by 19% in January. It is clear that this trend will continue, because wages continue to grow, access to banking and non-banking finances continues to grow. In addition, car traders offer good prices and attractive solutions, as mentioned in the magazine’s April edition.

Latvian Car Dealers Association predicts that Latvia’s car market may grow 4.5% this year. This is a moderately conservative outlook. In general, the industry is coming close to its 2006 level. It is worth mentioning that 2015 was the first year since the crisis when the new car market grew more rapidly than the used cars market. Nevertheless, experts do not expect a car trade boom in the near future. Companies need to be stimulated with taxes before they are even able to take cars on their balances.

Registration rates of light passenger and commercial transports in Estonia remained unchanged last year – a total of 24,921 registered units. In Lithuania, on the other hand, an increase of 18% was noted for cars registered in the country for the first time. As a comparison – a total of 16,114 new cars were registered in Latvia for the first time in 2015. According to information from Europe’s Car Producers Association, the European new car market had experienced an increase of 8.7% in the 11 months of 2015.

«Another tax increase means further escalation of problems and reduction of Latvia’s overall competitiveness. Estonia and Lithuania will surely use that. In practice this means that the state has given companies and residents yet another reason to register their vehicles in other EU member states, especially for their companies in Estonia and Lithuania,» – notes Domenikss Chairperson Benita Sadauska.

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