New car sales in Puerto Rico for the month of September 2022 totaled 8,076 units. This represents a 15.61% or 1,494unit decrease in market sales when compared to September 2021’s total units sold. When compared to August 2022’s total units sold the difference accounted for 19.49% or 1,955 fewer units sold. Seeing as how the average of the month-over-month change in sales fluctuates between -0.4% and 2% and its median between -2% and 0.6%, we can understand that the sales reduction viewed between August and September is not normal. However, it accounts for the changes viewed in consumer activity due to Hurricane Fiona’s passing.
Seen from a year-to-date basis, sales have reached a total of 92,201 units in 2022 up until September. When compared to that same period during 2021, sales show a 6.6% or a 6,508-unit decrease.
On another note, when doing a brief market presence overview, segmented by countries we see how Japanese brands have most of the market concentration with 47% of the total car units. Followed by Korean brands with 25%, US brands with 23% of the concentration, and lastly European brands with 5%.
Decrease in sales respond to current economic trends, such as record-breaking high inflation rates, increments in interest rates, increments in fuel costs, stoppage of federal funding into direct consumers’ pockets, and the impact of the sum of all the factors that were previously mentioned on Puerto Rican consumers’ activity.
