Colombian car market struggled in the first quarter with sales declined 22.0% in March and 15.4% in the entire quarter. However, forecast released by BBVA are optimistic for the rest of the year. Chevrolet was stable on top of the list, while Jac entered in the Top 10.
Colombian government decision to review the V.A.T. structure over car passengers, hit the market during the second half 2012 with sales down 4.5% from last year. The traditional dominator of the market, Chevrolet, diluted its share, losing 4 points.
Following a negative Q3, the Colombian new car market posted a further decline in October losing 9.7% from last year. Year-to-date sales were down 5.3%. Chevrolet was the market leader, with a huge gap over Renault and Hyundai.
The car market in Colombia maintained the momentum after the all-time record achieved in the 2011 with 317.000 sales, positioning the country as the 32nd in the global ranking. The introduction of new VAT rate for vehicles could reduce the car price by 10%.