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New car unit sales decrease by 3.94% in October 2023

Intelligent Economics > Analysis > New car unit sales decrease by 3.94% in October 2023

In the month of October 2023, a total of 10,896 new car units were sold in Puerto Rico, showing a slight decrease of about 2.49% from the 11,174 vehicles sold in October 2022 according to data from the United Group of Automobile Importers (GUIA, for its Spanish acronym). When comparing the YTD of 2022 and 2023, there’s been a decrease of 14.35%. This decrease could be an effect of interest rates seen increased during the year, which has heavily affected consumers and loan banks.

Notably, there was a decrease of 3.94% when compared to September’s 2023 11,343 total sales. The most popular models in October 2023 differed somewhat from those in the previous year. The top 5 models sold in October 2023 were, in order, Venue, Corolla, RAV4, Tucson, and Corolla Cross. This contrasts with October 2022, when the leading models were the Accent 4 dr., Corolla, Corolla Cross, Soul, and Eclipse Cross.

Despite the decrease in overall sales, the demand for certain models like the Corolla and Corolla Cross remained strong across both years, highlighting their consistent popularity in the market. Looking at the broader picture, the auto industry in Puerto Rico has been navigating through various challenges, including supply chain issues, and changing consumer trends.

As we move towards the end of 2023, it’s clear that the automotive sector continues to adapt and respond to these ongoing changes and the market being heavily dominated by cars manufactured by Toyota and Hyundai alike.

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