New car sales in Lebanon dropped by 4.6 percent in the first seven months of 2018. This is due to the economic slowdown and delicate political situation, according to the Association of Car Importers in Lebanon Monday.
It added that the number of newly registered passenger cars stood at 20,873 in the first seven months of 2018, declining by 4.6 percent from a total of 21,888 in the same period of 2017.
Bank Audi’s Lebanon Weekly Monitor cited the association as saying the decline was attributed to the prevailing economic and political situation in Lebanon, the 25 percent down payment imposed on car loans, as well as the increase in interest rates on car loans, among other factors.
Car sales are one of the important indicators illustrating the state of the Lebanese economy.
Over the past few years, many Lebanese citizens have gradually shifted to small, fuel-efficient cars in a bid to control spending.
The report noted that commercial vehicle registrations reached 1,372 in the first seven months of 2018, against 1,671 in the same period of the previous year.
Korea’s Kia ranked first in terms of new car registrations during the first seven months of 2018, with a total of 3,304 cars, against a total of 4,671 cars during the same period of 2017.
Kia cars have dominated vehicle sales in Lebanon for the past eight years. Kia was followed by Korea’s Hyundai, with a total of 2,809 newly registered cars in the first seven months of 2018, compared to a total of 2,803 cars registered in the same period a year earlier.
It was followed by Japan’s Toyota and Nissan, with a total of 2,735 and 2,409 newly registered cars respectively in the first seven months of 2018, against 2,620 cars and 1,959 cars recorded respectively in the first seven months of 2017.
Bank Audi’s Lebanon Weekly Monitor did not disclose any details on luxury car sales in the country.
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