Revival in the Used Car Market Amid Economic Fluctuations
With the end of May, the used car market experienced a notable revival, according to the Automotive Chamber of Commerce (CCA) and the Argentine Confederation of Medium Enterprises (CAME). The month proved to be the best for used car sales in 2024 as factors such as lower prices, better credit conditions, and currency discrepancies played crucial roles in boosting demand. Notably, Volkswagen Trend and Gol emerged as the best-selling vehicles of the month.
In May, 150,964 used cars were sold, representing a 6.17% increase compared to May 2023 and a 10.81% increase compared to April 2024. However, despite this positive momentum, the total sales for the first five months of the year still show a 7.28% decline compared to the same period in 2023. Key provinces like La Rioja, Formosa, and Jujuy suffered the greatest drops in demand.
Alejandro Lamas, secretary of the CCA, underscored the significant impact of reduced financing rates and adjusted vehicle values on the retail sector. He also mentioned the widening of the exchange gap as an opportunity for purchase operations. Lamas expressed optimism, hoping the strong sales in May will pave the way for a successful second half of the year.
Enhanced In-Car Experience Through Technology
In parallel with the resurgence in the used car market, the adoption of connected car radios is also gaining traction. Cdiscount has rolled out a significant promotion on the Gearelec 7003 Android car radio, slashing the price from 220.99 euros to 72.88 euros. This Apple CarPlay-compatible device transforms any car into a multimedia hub, enhancing both driving comfort and safety.
Equipped with a 7-inch touchscreen, the Gearelec 7003 allows users to make hands-free calls and follow GPS routes. The device supports connections via Wi-Fi, Bluetooth, and USB, and includes its own audio system with 4 x 60 W speakers. Its Android 11 operating system enables the downloading of various apps, providing a versatile in-car experience for both Android and iOS users. This promotion, alongside other Cdiscount offers, underscores the growing trend of integrating advanced technology into older vehicles to enhance their utility and appeal.
- Aside from connected car radios, other offers from Cdiscount include a notable 59% discount on the Otofix Auto Scanner, reducing its price to 369 euros. Additionally, a 7kW Morec charging station is available for 329.99 euros, offering a 27% discount, and the E11 car battery now costs 98.30 euros, down from 132.32 euros.
- The Argentine Confederation of Medium Enterprises (CAME) reported mixed results across various retail sectors. In May, SME retail sales dropped 7.3% year-on-year and accumulated a 16.2% decline since the beginning of the year. However, there was a 6.6% improvement compared to April, signaling a potential uptrend.
- Broken down by sector, Textile and Clothing witnessed a 14.1% year-on-year increase, the highest among all categories, while Perfumery faced the steepest decline of 27.8%. Sales in Food and Beverages also dropped by 9.4% year-on-year, indicating ongoing economic challenges.
