New Car Sales slowdown in October

Intelligent Economics > Analysis > New Car Sales slowdown in October

New Car Sales in October were 9,283, the lowest total in 2021.  Since October 2020, total monthly sales had reached over 10,000 units until September when there were 9,570 units sold. Compared to September, October sales were down by 287. Sales compared to October 2020 are 13% lower. Sales compared to October 2019 increased by 655 more units, or a 7.6% increase.

Total accumulated units sold in 2021 are 107,992 from January to October. Compared to the total from January to October in 2020, sales are 54% higher and 29% greater than in 2019 for the same period. With just 2 months remaining, 2021 has already become the year in the last decade with the highest sales. In 2019, there were 107,941 units sold during the whole year.

In October, 43.67% units sold were in the San Juan metro area with a sum of 4,273 units. The Central region has 15% of sales corresponding to 1,429 units sold. Accumulated in 2021 the total units sold in the metropolitan area make up 45.3% of sales, followed by the Central Region (14.3%), West (10.6%) and North (8.97%).

In October the top brand was Hyundai with 1,632 units sold. Toyota follows with 1,496 units and Nissan with 1,169.  The most sold model was the Corolla with 642 units, Venue 485 units and Accent 4dr with 409 units.  Most units sold are made in Japan (48%) and Korea (26.7%) while the US units sold conform to 20.6%.

As the economic stimulus run out, people are less optimistic about consuming durable goods. We can expect lower sales in the upcoming months. Historical data indicates that the slowest months in sales are from January to March, while November and December sales usually increase. This year could be different because of the strong consistency in sales since the beginning of the pandemic. Other economic indicators like employment, the economic activity index and our spending expectations index signal a slowdown for the end of the natural year.

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