Some years ago, sales of new cars in Panama were not as significant as it is now. In the first quarter of 2015, figures from the automotive sector achieved an increase of 10% over that achieved in the same period in 2014. This shows that the Panamanians (and resident foreigners entering the country) prefer to purchase a vehicle instead to make use of public transportation.

Gogetit Highlights

* During the first three months of this year, the agencies placed 14,891 new units in the vehicle fleet, while in 2014 the share achieved was 13,593. In resume, more than 1,298 cars were sold last year.

* The brand considered as the first choice of consumers is Toyota, followed by Hyundai, Kia, Nissan, Suzuki and Honda.

* Last year, 60.304 new units were sold, representing an increase of 7% compared to 2013, when 56.147 vehicles were placed in the streets of the country, mainly in the city of Panama.

Despite having a modern, efficient and economic transportation system such as the Subway, people in Panama prefer to invest in their own vehicles to get around. It is no secret that many times, transportation such as taxis and buses do not provide adequate service. That is why the need arises to purchase own vehicle. This has led to an increase in vehicle sales by 10% compared to last year.

According to information published by website, the sale of new motor does not stop and so the figures show the sector to achieve in the first quarter increased 10% over that achieved in the same period of 2014.

A recent report by the Association of Automobile Dealers of Panama (ADAP), pointed out that Toyota remains the first choice of consumers, being the model Toyota Hi-Lux the most wanted. Besides Toyota, the preferred brands are Hyundai, Kia, Nissan, Suzuki and Honda. Also, Chevrolet, Ford, Isuzu and Mitsubishi were among the top 10 in sales.

The increase in sales is also due to car shows organized in different parts of the country, such as Chiriqui and Panama City. This prompted much sales as these shows offer better prices and better interest rates, among other facilities.

The Executive Director of the Association of Automobile Dealers of Panama, Patricia Vukelja de Oduber, attributed this unexpected “good quarter” sales that were generated in the summer season, following fairs agencies that contributed to increasing commercial movement.

Read more information here (Article in Spanish).

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Silvia Merida Pellicer
Gogetit Content Manager. Author of important reviews for Gogetit News, “The #1 Source for real estate news in Panama.”
Specialized in the search and analysis of the most important news about real estate in Panama.