Greece automotive market sees 18.7% drop in August registrations

The Greek automotive market experienced a significant downturn in August, with total vehicle registrations—including new cars and used imports—falling by 18.7% to 12,598 units compared to the same month last year. The decline was particularly sharp in the new car segment, which saw a 33.1% drop. Additionally, motorcycle registrations for engines over 50cc decreased by 7.1% during the month.

Despite the August slump, the overall market trend for the first eight months of the year remains positive. Total registrations from January to August reached 184,281, representing a 3.3% increase compared to the previous year. New car registrations for the eight-month period rose by 2.5%, while used imports increased by 4.5%.

Economic factors, specifically the European Central Bank’s decision to raise interest rates by 25 basis points, are expected to further impact the market. Higher borrowing costs are making financing for new and used vehicles, as well as leasing programs, more expensive for both consumers and businesses, potentially leading to deferred purchases or shifts toward cheaper models.