More than three-quarters of cars sold in Argentina are used, according to research published by digital auto retailer Kavak, and 90% of used car sales are conducted between individuals, without any intermediary.

According to the study, which utilized data from the Automotive Chamber of Commerce and the Association of Automotive Dealers of Argentina, in the first quarter of 2023 a total of 1,030,845 vehicle sales were registered in country.

Of these, 797,930 were used cars (77.4% of the total) and 232,915 were new (22.6%). This represents annual growth of 2.0% in the sale of used cars and of 10.7% in the sale of new cars. The study also found that no more than 6% of purchasers of used cars did so with a financing plan.

“We will continue working so more people can access a car, with all the benefits of financing. More than ever, we see a car as a tool to safeguard the value of Argentinians’ savings, and we believe that financing in pesos is an attractive alternative,” said Jaime Macaya, CEO of Kavak Argentina.

Macaya’s comment about “safeguarding the value of Argentinians’ savings” refers to the fact the country is currently experiencing hyperinflation, with consumer prices rising at an annual rate of 115% during the 12 months to July 2023.

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