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Upturn in the Greek Car Market
Apr 25, 2007

The growing automobile market of Greece is a reflection of positive changes in the country’s economy . Liberated market and growth-oriented policies of the Government are heralding a new era in the country.

Following a two-year decline, the passenger car market in Greek is making a comeback with 270,000 to 275,000 new cars. They are expected to be registered this year, says a report from the Athens News Agency released on April 18, 2007.

A marginal improvement in the economy of the country, oil prices, which have been quite stable, and a monetary policy that has been quite accommodating, are the reasons attributed to this forecast by a report published by
English People.

The report further states that Greece had 305,000 registered units including used cars. The last many years have seen a significant change in the Greek automobile industry because tax rates on vehicles have come down hugely. Tax rate, once significant Government revenue, mostly from small-sized and medium-sized cars, fare favorably now as compared to other market in EU. The opening of the market and lower taxes has spurred demand from car buyers in the Greek market. Though earlier, the taxes were lowered only for small and medium size passenger cars but recently, the taxes on even the large vehicles have also started going down.

The customers are being brought back by a tempting mix of low taxes, favorable finance programs, and increasingly flexible marketing incentives offered by car manufacturers.

The economical benefits of the  Olympic Games 2004 and the nation’s growth being among the best in EU, bides well for the growing Greek car market. And its just not cars that are fueling growth, but also increasing demand for auto-parts, third party auto repair establishments, auto accessories and services to dealers, and retail outlets are adding to the growth, states a research analyst at
RNCOS.

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