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Tuesday 22.08.2017 | Name days: Rudīte, Everts
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Sales of new cars in Latvia grows for seventh consecutive month

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUCompared to Q1 of 2013, the number of newly registered cars in Latvia increased 24% in Q1 2014. 3,451 new cars were registered in the first three months of 2014; this includes passenger and light commercial vehicles (up to 3.5 tons). This marks the seventh consecutive month of growth of sales of cars in Latvia.

The increase of demand for new passenger cars and light commercial vehicles in Q1 of 2014 was 21% and 39% respectively, as reported by Auto asociācija.

49% (1,698) of the total number of sold cars were bought in leasing in Q1 2014. Private persons bought a total of 699 (20%) of the total number of cars sold in Q1 2014. 371 of this number were bought using leasing company services.

Leaders of Latvia’s leasing market remain unchanged: SIA Nordea Finance Latvia (financed the purchase of 31% of cars sold in Latvia), SIA SEB Lizings (34%), SIA DNB Lizings (14%) and SIA Swedbank Lizings (13%).

20% of all light transport vehicles sold in Latvia for corporate needs were bought by state institutions and private companies. It is significantly more than there were sold in Q1 2014 (14%).

Cars that were in the demand the most in the first three months of 2014 were Volkswagen (560), Toyota (474), Renault (282), Peugeot (262) and Skoda (255).

‘It should be said that the beginning of 2013 was rather slow in terms of sales of passenger cars. It is even more apparent in comparison with 2012. What is good is that Q1 2014 remains on the level of 2013 – it shows more or less stable habits of buyers. More than a quarter of the increased sales are linked to the increase of corporate transactions. The majority of cars were registered with Emergency Medical Service, Latvian railway and two of the largest car rent companies in Latvia – SIA ALD Automotive and SIA Transporent,’ – explains Vice-President of Auto Asociācija Ingus Rūtiņš.

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