4 Sep, 2015 @ 21:19
1 min read

Summer car sales boom in Spain

New car sales Spain
New car sales Spain
New car sales Spain

NEW car sales in Spain shot up by almost a quarter last month.

July saw an increase of 23.5% on previous years, with a massive 102,922 vehicles sold in Spain.

A monthly figure of this strength has not been seen since 2008.

This brings the number of cars sold so far in 2015 up to 658,000, the best seven-month period since 2010.

The car market is on the up, with 23 consecutive months of growth.

Iona Napier

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  1. Obviously this huge rise in car sales proves that the economy is growing. However it’d be interesting to see how many sales were to private buyers, as opposed to fleet and rental operators. The drawback is of course a return to rush hour conditions several times a day in Spanish cities.

  2. The number of mortgages being granted is on the rise, so people are just spending their debt again. Spain needs to watch out or it’ll be back to the previous problem again.

  3. Fred, that also happens World wide, not only in Spain. Most cars are purchased with a loan, even second hand cars, and if a loan is not available the car industry stagnates and you continue to use “ya old banger”.

  4. The UK got out of the slump by the use of massive QE and propping up of their banking system (and the floating of the pound). Spain has done it through selling more abroad and at home (to increased tourist numbers, although they too have had to help the banks. But as for the accusation from the regular Spain knocker that somehow it’s all down to taking on debt? Well according to the world bank, in Spain the domestic credit figure in regards to the private sector (as a % of GDP) was 127.5 in 2014 (down from 170.7 five years previously). The figure in the UK by contrast is 141.2 for 2014. So not only has the credit figure dropped in Spain, it’s quite a few percentage points below that of the UK. So maybe not a great idea to lecture Spain on this? (unless you accept that the Uk is in a far more dangerous situation)

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