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Business

Used Car Prices Rise with Hoy No Circula

Increasing demand due to circulation restrictions has caused both sales and prices to rise

Used cars, photo: Wikipedia
By Notimex Whatsapp Twitter Facebook Share
2 years ago

The president of the National Association of New and Used Car Merchants (ANCA), David Placencia Barrera, said that after the April 5 introduction of the temporary traffic restrictions in the Mexico City metropolitan area, sales as well as the price of pre-owned cars have increased by an average of 10 percent.

Placencia Barrera explained that public interest had grown especially in sedans made by Nissan, Volkswagen and Ford.

“Sales have increased by 10 percent, especially for compact cars,” he said. Placencia Barrera expects the trend to continue as long as Hoy No Circula remains in effect.

In an interview with a Mexican news agency, Placencia Barrera said that the rising demand for pre-owned cars in Mexico City has led prices to increase by an average of 10 percent among the most popular products, which cost about 100,000 ($5,694) to 200,000 pesos. The most popular models were made between 2012 and 2014.

The increase in sales has been driven not only by individuals but also by businesses, who “cannot afford to have 20 percent of their fleet not driving,” according to Placencia Barrera.

The president of ANCA said that although sales have increased, inventory has not diminished, as inventories are resupplied when they run out. However, he said that an “explosion” of used car sales is possible.

Placencia Barrera said that similar scenarios have been played out in other Latin American countries and that it could happen in Mexico.

Due to high levels of air pollution the Megalopolis Environmental Commission (Came) ordered each vehicle in the megalopolis not to circulate one day of the week between April 5 and June 30. Authorities are studying the effects of the measure to decide what further steps to take.

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