Swedbank: Toyota, Škoda and Hyundai ranked in the top of the new cars bought last year, every fourth new vehicle is environmentally friendly – Market News

Last year, the demand for financing in both the new and used car segments increased by more than a third or 34%, according to Swedbank leasing data. Among the most popular new cars last year were Toyota, Škoda and Hyundai, while in the little-used car segment – BMW, Volkswagen and Volvo. The average amount of funding that people spend on the purchase of a little-used car is about 13,700 euros, but for the purchase of a new car it exceeds 21 thousand euros. Significantly, one in four new cars funded was more environmentally friendly or with low to medium CO2 emissions (up to 130 g CO2 / km).

More and more people around the world are voting for a cleaner and more sustainable environment in the face of global climate change. Such tendencies are by no means observed only in the largest markets, but also here in Latvia. For example, last year we saw an increase in demand for the purchase of environmentally friendly cars that is four times higher than in 2020. Given that a state support program for the purchase of both new and used electric and hybrid cars is planned to be launched soon, it is expected that we will soon be able to see even greater growth in this particular car segment, ”comments Sergey RomanukHead of Swedbank Car Finance.

In total, with Swedbank financing, 550 more environmentally friendly cars started rolling on the roads in Latvia last year, 133 of which were electric-powered, including Plug-in hybrids. Among the most popular electric cars were the BMW i3, Nissan Leaf and Škoda Enyaq.

Capacious crossovers continue to dominate Latvian roads

When evaluating the most demanded car types, the constant high demand for so-called compact crossovers (small and medium-sized SUVs) should be highlighted. These cars make up 51% of all new and little-used cars leased. The most popular cars in this niche are Toyota Rav4, Škoda Kodiaq and VW Tiguan. In the small and medium-sized car niche, buyers have most often chosen Toyota Corolla, Škoda Octavia and VW Golf this year.

Interestingly, in the new car segment, the majority or 77% of cars purchased were with a petrol engine, 16% with a diesel engine and 4% with an electric car, while the little-used car segment is still dominated by diesel engines (67%).

“In general, last year residents more often chose to buy a new car from the salon (59%), but the share of new car purchase transactions has been decreasing since 2019, but the demand for used cars is growing. This can be explained by the lack of components required for the production of new cars and, consequently, by the longer production and delivery time, which has often been crucial in deciding in favor of a little-used car. This, in turn, has also affected the prices of used cars – they have become higher because fewer cars are entering this market than usual. Respectively, the amount of leasing issued last year for the purchase of a car has also increased by almost 10%. It should be noted that currently from the moment of ordering until the receipt of the new car, you may have to wait from six to nine months, ”says Sergey Romanuk.

Swedbank

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