Bulgaria's New Car Market Collapses to 2003 Level

Business | July 2, 2010, Friday // 20:01|  views

Photo by BGNES

Only 7 165 new cars were sold in Bulgaria in the first five months of 2010, which roughly equals the sales for the same period of 2003.

According to data of the Union of Car Importers, the number of new cars sold in Bulgaria in January-May 2010 has declined by 42.4% year-on-year.

The Bulgarian new car market does show a modest monthly growth as 1 813 new cares were sold in May 2010 compared to 1 478 in April.

The major factors for the staggering decline have to do with Bulgarians’ uncertainty about their income and the reduced availability of crediting, according to leading car industry experts as cited by the Pari Daily.

The growth of “easy loans” in the years before 2008 has been described as the main cause of the boom of the Bulgarian new car market in the pre-crisis period.

The car traders have slammed the Bulgarian government for failing to introduce limits on the use of old and second-hand cars, and to promote environment-friendly vehicles.

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Tags: new cars, car sales


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