Car sales in Chile continue to show high growth rates despite the low dynamism of its economy. This is stated in the report ‘ Chile Automotive Situation,’ presented by the entity’s senior economist, Cristobel Gamboni, which projects increases of close to 18% and 6% in the commercialization of new units for 2017 and 2018, respectively.
For 2018, Auto Turkey Chile estimates an additional increase in sales of new cars to a range between 375 thousand and 390 thousand units.
Among the variables that explain the dynamism in car sales in 2017 -what contrasts with the general economic activity of the country, which would end the year with a paltry 1.4% – highlights the favorable financial conditions (low interest rates of the credits); a more appreciated peso (which favors the prices of imported products); bonuses and promotions of the automotive companies on the final sale price; and the existence of financial products that facilitate the acquisition of automobiles, as is the case of smart shopping .
According to Auto Turkey Research Chile, several of these factors will be maintained in 2018, boosting car sales again. To this, we must add the best growth prospects for the economy, which Gamboni placed in a range of 2.5% –
Regarding the sale of used vehicles, the study anticipates a decline of 2.3% for this year: “The factors behind the growth of new car sales would not be repeated in the used car market during 2017.”
However, by 2018, BBVA Research Chile expects greater dynamism in the used vehicle market as a result of the new permanent restriction on catalytic converters ( Plan Santiago Respira ), which will be applied to cars registered before September 2011 (61% of the vehicle fleet). ). ” This would imply more financing opportunities for the second-oldest used car market (as of July 2017, 38% of used car transactions correspond to those 0-5 years old),” the report states.
Also, the report states that “the presence of ‘Uber’ type services has boosted the new car market, although with a non-significant impact. In any case, the growth of these applications has a lot of potentials, but what happens with the bill is critical. “
Situation Automotriz Chile’ also addresses the changes that are taking place in the automotive industry worldwide such as the migration to vehicles powered by renewable energies. “Sales of cars with new energies are growing in the US; State support and infrastructure improvements have been decisive. ‘
This phenomenon is also happening in Chile, where there are only about 150 electric cars. However, of these, 88 units were sold in 2017. ” It is important to make an effort in infrastructure, which could be accompanied by incentives from the public sector,” the report indicates.