Puerto Rico’s new car sales plummet in September, with 21% drop
Heading the list of vehicle segments that have sold so far this year are compact SUVs, sub-compact SUVs and sub-compact sedans.
New car sales in Puerto Rico dropped by 21% in September, with 8,934 units sold compared to 11,343 in the same month last year, the United Automobile Importers Group (GUIA, in Spanish) announced.
In cumulative terms through September, sales reached 89,692 units, a decrease of 5.56% compared to the 94,973 units sold in the same period in 2023, according to the trade group.
Breaking down the January-September period, retail demand accounted for 81,902 units, reflecting a 6.14% decrease compared to 87,262 units in the same period in 2023, while fleet demand reached 7,790 units, reflecting a slight increase of 1.02% compared to the 7,711 units sold in the same period last year.
The top-selling vehicle segments so far this year include compact SUVs, sub-compact SUVs and sub-compact sedans. As for brands, Toyota, Hyundai and Nissan are the most preferred by Puerto Rican buyers, according to GUIA.
“The demand for cars in Puerto Rico has been reflecting a downward trend that has expanded in the last quarter, July-September, when a decrease of 12.98% is reflected when comparing sales of 28,666 units in the third quarter of 2024 with sales of 32,941 in the third quarter of 2023. In this quarter, we have experienced a decrease in fleet sales to car rental companies, which is an important part of the demand for cars,” said GUIA President José Ordeix.
“High interest rates that have persisted over the past few months have also affected the purchasing power of consumers, which will gradually improve as the cost of money falls,” Ordeix added.
