Honduras 2016. Import of “fresh” used penalized new cars market

Honduras New Vehicles Toyota-Prius_Plug-in_Hybrid-2017

Honduras New Vehicles sales in the 2016 had been penalized by the strong import of “fresh” new vehicles and dropped down from the previous year record level. Toyota was again market leader over Hyundai and Kia.

Honduras’ economy expanded 3.6% in 2016, mirroring the previous year’s growth rate. Economic growth was likely sustained by stronger private consumption on the back of both rising remittances from the U.S. and low oil import prices. The economy also benefited from several measures adopted by the government in accordance with the IMF, such as tax administration reforms and caps on expenditure, in order to improve economic performance and rein in public finances.

Honduras New Vehicles sales lost the momentum and fell down 31.4% at 9.804, the worse level in the last three years. According to data released by the local association of car distributors, the ADHIVA, new vehicles sales have been penalized by the import of recently registered used vehicles offered at cheap price compared with the new vehicles list in the country.

The podium unchanged from the previous year, with Toyota on top (+3.3%) followed by Hyundai and Kia, up respectively 10.7% and 9.2%.


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