Average age of vehicles imported to Latvia increases

Imports of used cars to Latvia have been declining in the past 14 years – 21,271 used passenger light cars (M1) were registered in Latvia in the first half year of 2016, which is 9% less in comparison with 2015. The number of light commercial cars (N1) registered in Latvia has declined 9% to 1,547, as compared with 1,705 cars in 2015.

«A look at the age segment of used cars provides the answers as to what is currently going on the car market at the moment. The main observation is that the market decline has affected all segments. The most rapid decline has been noted in the age segment of up to ten years. As a result, the age of cars imported to Latvia has increased. Taking into account the habits of buyers, it can be said that those who had previously bought cars whose age was five to seven years, now prefer younger cars. This is confirmed by significant growth on the new cars market and the rapid growth in the number of leasing deals with private persons. The age segment for 8-10 year old cars has declined. At the same time, the segment for 11-29 year old cars has experienced growth. This means buyers give preference to older cars in comparison with the year before,» – notes the Latvian Car Association.

The most popular passenger car brands in Latvia include Volkswagen (15.3%), Volvo (14.2%), Audi (12.6%), BMW (11.5%) and Opel (8.2%). It should be added that each of the car brands has lost a portion of its market share. The market share of imported cars in Latvia reaches 61.9%. Toyota is worth mentioning because it has managed to increase its market share by 0.9 percentage points and achieve 6% market share in the first half-year.

In terms of fuel type, Latvians prefer diesel cars (82.2%), which is 1.8 percentage points more in comparison with the first half-year of 2015. The number of registered petrol-powered cars has declined. This segment reaches only 15.2% from the total number of registered cars.

This year, 34 cars older than 30 years were registered in Latvia. These cars can potentially receive Historical Vehicle status. This depends on whether or not they comply with specific requirements to be provided with this status.

BNN 

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