These Are The Best-Selling Cars In Panama

(MENAFN- Newsroom Panama) The new car market has recovered over the past year with sales close to exceeding 50,000 units. Figures from the Association of Automobile Distributors of Panama (ADAP) show that between January and November, 49,999 new cars were sold, according to the registration of new units on the market, which has meant an increase of 11.50% compared to the 44,841 sold in the 11 accumulated months of 2023. The month with the greatest dynamism in sales this year was October, with 6,755 units sold, followed by May, when 5,159 new vehicles sold.

“With these figures, we expect to end 2024 with approximately 54,000 new vehicles registered, which translates into a 10% growth compared to the previous year”. In 2023, the number of new cars registered, which is equivalent to sales, closed at 48,919 units, indicating greater dynamism. There are two key factors: many drivers did not renew their cars during the pandemic, so by 2024 they had already owned their cars for more than 10 years, and so they ventured to buy a brand new vehicle. On the other hand, the arrival of more Asian brands and models that appeal to lower fuel consumption, with affordable prices, encouraged buying and selling.

The list of best-selling cars by brand in November, according to ADAP records, is led by vehicles from Japan and South Korea, followed by traditional brands from the United States. Meanwhile, some brands of cars imported from China are gaining ground.
Toyota ranked first with 10,298 units sold, followed by KIA with 6,927. Hyundai is in third place with 6,482 units.
In fourth place, but somewhat far behind, is the Suzuki brand, with 2,503 units. In the same range is the Nissan brand, which has positioned itself in fifth place, with 2,224 cars sold.
Sixth place is occupied by a“rookie” in the local market, which has made a strong entrance: Geely, with 2,142 units. It has even beaten a legendary brand like Mitsubishi, which is in seventh place, with a total of 2,046 units.
Chinese-made Changan is in eighth place, selling 1,626 units from January to November 2024, while Dong Feng is ninth on the list, selling 1,497 cars.
Isuzu is in tenth place, with 1,420 new units rolling on the country's streets.
The transition towards more sustainable mobility is advancing slowly in Panama. Until November 2024, the market for hybrid and electric cars showed notable growth, although their share remains limited compared to internal combustion vehicles, which maintain more affordable prices.

In the hybrid car segment, 1,929 units were sold, representing 3.86% of the total vehicle sales market, a significant increase compared to the 2.3% recorded in 2023. Electric cars also showed significant growth, reaching a share of 1.34%, up from 0.90% in the previous year.
In absolute terms, sales of electric cars increased from 438 units in 2023 to 672 units in the period from January to November 2024, which shows a growing interest in this type of vehicle.
However, despite the progress, hybrid and electric cars still face the challenge of competing with the lower prices of internal combustion vehicles, even though the costs are lower, due to avoiding gasoline costs.
The evolution of this sector will depend on factors such as government incentives, charging infrastructure and brand strategies to make these models more accessible to the Panamanian public.

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