MercoPress. South Atlantic News Agency

Sales of used cars skyrocket in Argentina

All transactions were paid for in cash, Lamas explained

An increase of up to 65% in the sales of used cars was recorded this past month of March in Argentina, the Chamber of Automotive Commerce (CCA) reported.

A total 156,793 used cars changed hands in March, which represented a rise of 65.03% compared to the same period in 2020, when covid-19 restrictions were imposed.

With the new figures, industry data keepers set the increase for the first quarter of 2021 at 11.10% for a total 414,501 transactions.

Compared to last February, used vehicle sales grew 25.25%, CCA said.

CAA Secretary Alejandro Lamas said that “it does not make sense to compare the growth of 65.03% in the sales of used cars during March with the same month of 2020 because in the latter it was the beginning of the pandemic”, but nonetheless highlighted February's spike.

”On the other hand, it is important to look at the increase of 25.25% compared to February and especially if we search the records and find that last month it exceeded the sales volume with March 2013 (143,980 vehicles) which was historically the best year of sales (1,855,032 units).“

If the trend holds, ”we would be entering a very interesting recovery path,” Lamas pointed out.

He also drew the spotlight on the devaluation of the peso against the US dollar and the delay in deliveries of brand new cars, saying there was no ceiling for the price of used cars despite the increases in cost of living, utility rates and also in fuel. And all transactions were paid for in cash because financing was unafordable at the current interest rates.

Lamas was in any case reluctant to celebrate, out of fear that new covid-19 lockdowns may lead again to setbacks in the economy.