‘Confidence’ is the best word to explain why Colombians bought 32,320 new vehicles last month.
According to Econometria, that was month to month growth of 79.4% and a year on year increase of 58.3%. And a monthly record.
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That feeling of confidence is based on solid ground: the Colombian economy grew about 4.5% in the first quarter, the peso has held steady against the US dollar in the last three years and interest rates are the lowest in decades.
All this makes for very competitively priced stock and, given repressed demand over at least two years, consumers are keen to buy new vehicles.
In this context van sales have grown 101% year to date; commercial trucks, 76%; passenger cars, 66%; pickup trucks, 64%; SUVs, 48%; taxis, 13%; but buses have fallen 12%. Even though the locally assembled brands have grown 58.8%, they have a market share of 43.5% and imports are growing.
Though fuel is expensive and petrol (US$4.60 a gallon) is about 15% above diesel, sales by fuel type are: petrol, 60%; diesel, 15% (up 1% YTD); and CNG, 1%.
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By GlobalDataThe top 10 brands so far are: Chevrolet, 25,961 units and a market share of 33%; Renault, 13,420 (17%); Hyundai, 6,559 (8.3%); Nissan, 6,004 (7.6%); Kia, 5,718 (7.3%); Toyota, 3,888 (4.9%); Mazda, 3,333 (4.2%); Ford, 2,391 (3.0%); VW, 1,964 (2.5%); and Dodge, 567 (0.7%).
The best improving top 10 are: Land Rover, 1,533%; Peugeot; 220%; Ford, 154%; Skoda, 150%; Citroën, 132%; Nissan, 123%; Seat, 111%; Volvo, 99%; Renault, 93%; and Porsche, 85%.
The premium segment is led by BMW, 470 vehicles sold and a market share of 36%; Mercedes Benz, 344 (26%); Audi, 258 (20%); Volvo, 168 (13%); Land Rover, 49 (4%); Porsche, 24 (2%); and Jaguar 3 (0.2%).
Last month market saw the launch of the updated Jeep Compass, Fiat Punto, BMW 116i three-door coupé, Audi A1 1.4 TFSI the redesigned Hyundai Accent, the Citroën Aircross and Geely’s LC city car.
