According to PwC’s forecast, new passenger car registrations will increase by roughly 15 percent year-on-year to 215,000 to 225,000 cars this year.
According to Strašil, the economic situation in the country will improve next year. VW Financial Services analysts predict GDP growth from this year’s negative values to two percent and a drop in inflation to three to four percent.
“It will mean a slight increase in real wages and a decrease in interest rates. We therefore expect a slight increase in demand for new cars and financing. However, the double-digit increase we are seeing this year, when cars ordered during covid are being delivered, will not happen. The number of orders received could be higher than in 2023, however, the number of cars handed over will be at most at the level of 2023, maybe even slightly below it,” concludes Vratislav Strašil.
Leasing company VW Financial Services reported a year-on-year increase in the number of new contracts for new and used cars by 20.9 percent to 37,501 contracts in ten months of this year. The Volkswagen Group brands have the largest share with 29,461 contracts, which represents a year-on-year increase of 20.1 percent. This is followed by used cars with 5,956 contracts (+ 14.2 percent) and non-corporate brands with 2,084 contracts (+ 64.9 percent).
VWFS thus sought to replace declining sales of new cars with contracts with higher added value for the customer. The new strategy bore fruit in the form of a fundamental change in the distribution of financial products, when the share of loans fell from 73.3 percent in 2019 to the current 42.1 percent, while products with a residual value rose to 57.9 percent.