Quotas in some cases have doubled and many savers do not know how to deal with the situation in the short term
In line with the decline in car sales of 0 km, the different types of financial alternatives also break down, especially savings, a classic for Argentinians who want to buy their first new model or exchange their used.
According to official data of Acara, the entity that bundles the dealers of our country, the sale of cars by financing fell by 45% in our country.
21,362 units were purchased in parts, which represents 44.6% of the total number of patents for the month.
Within this universe, Argentina's most chosen choice is the savings plan, which shrank 54.3 percent last month, according to the Dealers Association (Acara).
In the first ten months of 2018, 734 767 new cars were sold in the country. 50.7% were bought in cash, 48.2% responded to garments (among which most of the plans were carried) and the remaining 1.1% were leased.
Cumulative annual funded cars meanwhile amount to 350,106 units.
Among 53% of clothing, the savings industry terminals meet. These are the savings plans that adjust your quota as the cost of the car increases.
In the sector, they claim that the decrease is mainly due to the 0 km increase in prices and the rise in the interest rate.
The fifth consecutive month is that the total funded sale shows negative numbers.
Under the option options, the case of savings plans is the most complex: it is the seventh consecutive month in the fall, after September (-50.9%), August (-39.9%), July (- 28.4%), June (-26.7%), May (-14%) and April (-2.9%).
In 2018, the top five brands with Fiat were 22.1%; Volkswagen, with 18.3%; Renault, with 16.2%; Chevrolet, with 15.1% and Ford, with 12.5%.
In October, 48,330 units were patented and fell fifth consecutive month, down 38.5% on an annual basis.
Beyond the decline in the use of savings plans, it is believed that one in four plans is in arrears.
According to sector analysts, savings plans have become a nightmare for customers that this year they decided to use these tools to reach 0 km.
Between May and November, the monthly installments underwent two strong adjustments as a result of triggering the price of cars after the devaluation. This generates that for months the value of the monthly payment has virtually doubled.
There are concerns in the sector, as more than 25% of plans are believed to represent some degree of default.
Among the buyers, meanwhile, there is a strong discomfort because they suddenly find higher adjustments than expected. So, in many cases, subscribers rethink how to move forward while others are pushed out of the cycle.
Experts say the most serious situation is seen by people who have already advanced in the system and do not want to lose everything they have paid.
On the other side of the counters, customers who have just started paying and paying for two or three charges immediately left the system because they know it will be impossible to maintain them over time and prefer to lose the few that are paid until they finish in a few months with a bigger debt.
The increase that happened is almost double.
As a small car parameter – which is best-selling through the savings plan – as the Citroën C3 range, this has varied from $ 354,000 to $ 528,000 between May and November; in the case of Renault Kwid, the increase is from $ 251,000 to $ 410,000, that is, more than 60%.