Romania’s VAT Hike To Boost Used Car Sales - autovit.ro

Romania’s decision to hike the value added tax (VAT) to 24%, from 19%, would determine many people interested in purchasing cars to choose the second-hand car market, where prices will not be altered, said website autovit.ro manager Attila Okany.

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The ratio of new cars to used ones was of 1 to 4 in the first quarter of the year, higher from a ratio of 1 to 2.6 in the first quarter of 2009.

The number of used car registrations was of 61,252 in the first five months of 2010, down 47% compared to the same interval in 2009.

Volkswagen is the first top-selling brand, accounting for 27% of the second-hand car sales, followed by Opel (25%) and Ford (10%).

Romania's Government decided to hike the VAT by five percentage points, as well as taxes for all categories of vehicles.

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