New car registrations in Romania continued their decline in August, when they plunged by 22% YoY, according to data from the Association of Automobile Manufacturers in Romania (ACAROM).

Last month, 12,538 new cars were registered. The annual contraction rate deepened from 19% YoY in July and 8% YoY in June.

The decline comes as car prices rose in 2022, and financing became more expensive as interest rates rose.

In the first eight months of the year, 83,349 new cars were registered, up 5% compared to the same period in 2021.

The increase comes as a result of the marked advance in the first quarter of this year (+43%).

On the other hand, in the first half of this year, many cars ordered in 2021 were delivered and registered, so the figures from 2022 actually reflected last year's demand. Even today, the expected delivery time for new cars can exceed six months.

Even the sales of (imported) used cars declined significantly, by some 20% YoY, in August. In the used car market, where prices have risen significantly in the last half year, registrations stood at 28,000 units. In the first eight months of the year, second-hand car registrations decreased by 21% YoY to 213,413 units.

(Photo: Shuo Wang/ Dreamstime)

andrei@romania-insider.com