Car sales drop again

[NewsWhore]

January car sales are down, according to Fernando Lama, president of the Dominican Association Vehicle Concessionaires and Manufacturers (Acofave). He explains that in December 2008, some 1,474 new cars were sold, while only 1,074 new cars were sold in January 2009. This also compares to the sale of 2,326 new vehicles in January 2008. Meanwhile, Vehicle Dealers Association (Anadive) president Victor Ventura says sales collapsed when interest rates jumped from 14% to 30% in the second half of 2008. He added that recent interest rate cuts by the Central Bank are not enough. Hoy writes that as a way to encourage consumers, dealers are ordering more economic cars, which they can sell to consumers at a lower price. Some car dealers are discounting as much as US$1,000 to US$1,500 in accessories for car or trucks as a way to get consumers to buy now.

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