Spanish car market grows despite lower consumer demand

November 03, 2016

Strong fleet sales including high demand for tourism-related vehicle rental led to a seventh consecutive month of year-on-year sales increases for the Spanish car market in October.

Sales were up by 4% in October compared to the same period in 2015 with 83,248 registrations.

Growth was lower than average for the year. On average during 2016, registrations have been 10% to 20% higher each month compared to 2015.

The fall has been caused by reduced demand from private buyers for new cars following the end of the Programa de Incentivos al Vehículo Eficiente (PIVE) in July, according to the Asociación Española de Fabricantes de Automóviles y Camiones (ANFAC).

The PIVE incentivised the purchase of new low-emission vehicles if buyers scrapped their old car. Since it closed, buyers have started to opt for used cars rather than more expensive new models.

For the year to the end of October, the Spanish car market is now 10.8% higher than the same period last year at 957,468 registrations, indicating that the market will reach 1.1 million registrations by the end of 2016.

Insight: New car demand and residual values in post-PIVE Spain






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March 31, 2017

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