Hungary new car registrations continue to rise

Following an increase in January, the number of new passenger car registrations has grown in Hungary once again in annual terms in February, too, the financial website portfolio.hu quotes Datahouse data.

A total of 4,262 new passenger cars were registered in Hungary in February 2012, which marks a considerable 20% year-on-year increase. The dynamics of this growth, however, is still way behind the January figure of 40%. The last time a similar growth was observed than in February was in November 2011.

The pickup in demand for new cars can also be attributed to the regulation changes that came into effect on January 1, 2012 (the possibility to reclaim VAT on open-end and operating leases), but these can give a boost primarily to purchases by companies and car fleet renewals rather than retail buys.

Portfolio.hu notes that with respect to the growth recorded in the first two months of the year, the Association of Hungarian Vehicle Importers said the increase came about as a result of several favorable factors, but the data are insufficient to pinpoint the exact reasons. The large number of cars ordered in December 2011 and registered in January 2012 most likely had a great part in the higher numbers, it added.

(Source: portfolio.hu)