14-year car sales joy ride ending

 
705Views 12Comments Posted 10/10/2017

OVER 13% fewer new cars appeared on Panama’s highways in the first eight months of the year as sales plunged, the first time in 14 years that thee has been a negative trend.

The Panama Association of Automobile Distributors (ADAP) had predicted that by the end of 2017, 10% fewer vehicles would be sold than in 2016. Figures from

Figures from the Comptroller General  suggest  the slowdown will be even greater.

To the end of August,  38,221 vehicles were sold, reflecting a contraction of 13.1% compared to the same period in 2016 The inter-annual deceleration in the January-July period had been 12.8%

Analysts have say that the fall in sales is due to the fact that consumption levels have decreased in different sectors,due to the country's economic slowdown.

The performance of the January-August period in 2016 compared to 2015 had marked a improvement of 7.5%, a figure similar to the previous comparison with 2014.

The biggest contraction was in the sale of sedans, which make up almost a third of the transactions, showed a fall of 19.9%, or 3,161 fewer vehicles.

Suburban cars, which account for another third of sales, are the only ones have maintained a positive pace so far this year. Its sales increased from 12 ,778 to 12 944



Comments 12

user
mhogan

You could probably attribute corruption for the greatest negative change in the economy Pity!

Last year
user
coast2co

We have known it for years. My wife is Panamanian married 38 years. We have a house in Panama which we have remodeled to bring to 2000 standards, sorta). I'm getting ready to retire and considered living 7 months a year in Panama. But the rising costs in Panama is nutz. If Mexico wasn't so corrupt and run by cartels that would be the place. There are areas in Mexico you can live cheap. Panama has the cost of living of the US without the US comforts. Sorry Panama just telling the truth. Panama es Mi Panama but your cost of living causes most Panamanians to live in poverty (A working poverty) With no real way up the ladder for most. The greed of the contractor/developers who are building (driving prices up up up) and the cost of goods is way out of whack for the average Panamanian. Plus the government has its own problems. They have an in ability to see what is actually happening they think the good times will always be rolling... Governments govern for the people not the land. If the people feel ill treated eventually they rebel

Last year
user
mhogan

You're really tiring to explain things to. You take a snippet from one paragraph and extrapolate it from the entirety. In any event, I don't have the time for you and you hardly contribute much to the conversation, so ciao! End of conversation.

Last year
user
PedasiPaul

== I think leaving is a no-brainer. == When are you leaving?

Last year
user
artrocious

The problem with parking is not only the number of parking places but the size of each parking spot. Those who can afford a new apartment are not driving sub-sub-compacts but more intermediate sized vehicles.

Last year
user
mhogan

Speaking from experience of living in Costa Rica for 20 years and uprooting to Panama, the reasons can be increased personal security risks, diminishing freedoms, increases in taxation, and a low level of confidence that people elected to positions of power will stop the government bleeding of tax revenues. For some reason, 3rd world government countries seem to think they can charge the same (or more) for basic services (electricity, water, infrastructure, police protection) than the U.S. but at the same time fail to recognize that these services are grossly unmatched in their country. So, if you're paying more for these services than you would living in say, most of the cities of the U.S., yet not receiving comparable services, and you have to put up with a "non-welcome foreigner attitude" and unacceptable levels of corruption, I think leaving is a no-brainer. After 3 years in Panama. I am worried the leaders here are losing their way and going the route of countries like Costa Rica which has an exodus of foreign investment and is BANKRUPT, even though they deny it.

Last year
user
Bob

I don't thinks so, my stepson has been looking at new apartments under construction and they all have one parking space. I'm sure the over $200k / $300k have two parking spaces but the less expensive ones have one.

Last year
user
Ramona Rhoades

I thought that was the code -- now. But I suspect some coima in the right hand can take care of that requirement.

Last year
user
Bob

That is good news for the city but it, in it's self, does nothing to relieve one of it's biggest problems, parking. Parking is always an afterthought here.The city can't build new streets or free neighborhood parking lots. Where are all the cars going to park? They need to change their high rise building code to include 2 parking places.

Last year
user
eugenie

both jm and gord are correct. Panama simply is not the paradise it was billed as, and there is a consistently dwindling number of those willing to say it is. the only thing with a great price here is labor, which is disturbing since i see no possible good in taking advantage of others and contributing to a slave class. some services (attorneys, drs, dentists, mechanics) still have better prices, but the lower quality makes them useless at any price. starting a small business to help others help themselves, or even to maintain yourself, is an exercise in frustration and loss. The quality of everything from food to electronics or vehicles is both questionable from the moment these things fall off the boats, and compromised by the harshness of the climate. For all reasons, Panama is getting to be less worth the price.

Last year
user
Gord

I dont think 1/2 left because of prices .i ones i know in my area are leaving because they git here to old and now worry about their health and want to in north america for that reason .the other reason is the lady of the house misses the kids and more so the grandkids . so moving to panama when your 70 and overweight with a shopping list of health conditions is not the right thing to do

Last year
user
jm hens

No surprise here. Prices of everything in Panama has become way too expensive. Most prices here are equal or higher than prices in the USA. After paying for the essentials, there are very few people in Panama that can afford a new car. Expats used to buy a lot of new vehicles but more than half of them have left Panama due to the increased cost of living. Less and less foreign money comes into Panama every day.

Last year
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