The market for used cars in Japan fell by nearly 13% in May to an all time low for the month, according to figures released today.
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The Japan Automobile Dealers Association said that used vehicles, excluding minivehicles with engines of up to 660 cc, fell 12.9% to 305,511. It is the lowest ever total for May since records began in 1978. The figure was also the first fall of over 10% in six months.
The association said that the fall was in part due to a shortage of high-quality, second hand vehicles.
”Vehicles traded in for the purchase of new ones were in short supply due to anemic new car sales,” it said.
The industry is hoping that tax breaks to buy environmentally friendly new cars that were introduced in April will boost the market as people part exchange older cars.
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By GlobalData
