New cars lose their shine as Cyprus drivers turn to used vehicles

Used vehicles continued to drive growth in Cyprus’ motor market during the first ten months of 2026, while registrations of new vehicles declined, according to figures released by the statistical service (Cystat) on Monday. A total of 48,624 motor vehicles were registered between January and October, marking an 8.7 per cent increase compared with 44,732 during the same period last year. The gap between new and used vehicles widened further. Used registrations climbed by 19.2 per cent, from 25,680 to 30,619, while new registrations fell by 5.5 per cent to 18,005, from 19,052. The same pattern was recorded in October, when overall registrations increased by 4.7 per cent to 4,734, compared with 4,520 in October 2025. New vehicle registrations during the month dropped by 9.6 per cent to 1,588, while used vehicles increased by 13.8 per cent to 3,146. Passenger saloon cars remained by far the largest part of the market, with registrations rising by 9.3 per cent to 38,006 during the first ten months of the year, from 34,782 in the corresponding period of 2025. Of these, 11,640, or 30.6 per cent, were new, while 26,366, or 69.4 per cent, were used. In October alone, passenger car registrations increased by 11.4 per cent to 3,850, compared with 3,457 a year earlier. Rental cars, on the other hand, recorded a sharper decline over the ten-month period, with registrations falling by 18.8 per cent, from 4,866 to 3,953. Meanwhile, hybrids strengthened their dominance of the passenger car market, accounting for 53.8 per cent of registrations, up from 44.1 per cent a year earlier. Petrol-powered cars saw their share fall from 42.5 per cent to 34.1 per cent, while diesel vehicles declined from 8.6 per cent to 7.9 per cent. Electric cars also recorded a reduction in market share, accounting for 4.2 per cent of passenger car registrations compared with 4.8 per cent last year. Beyond passenger cars, motor coach and bus registrations increased by 25.7 per cent, reaching 210 compared with 167 during the first ten months of 2025. October told a different story, with registrations falling by 60 per cent to just 14, from 35 a year earlier. Goods vehicles also recorded growth over the ten-month period, increasing by 8.3 per cent to 5,569, from 5,142. Within this category, light goods vehicles rose by 6.5 per cent to 4,379, while heavy goods vehicles increased by 15.8 per cent to 688. Road tractors climbed by 10.6 per cent to 220, and rental goods vehicles rose by 18.5 per cent to 282. During October, however, goods vehicle registrations declined by 8.7 per cent to 523, compared with 573 a year earlier. The picture was mixed for two-wheelers. Registrations of mopeds under 50cc fell by 36.8 per cent to 120 during the ten-month period, compared with 190 last year. October registrations dropped by 45 per cent to just 11. In contrast, mechanised cycles over 50cc increased by 4.4 per cent to 4,090, from 3,916. Their October registrations, however, declined by 26.9 per cent to 288, compared with 394 a year earlier. Finally, tractor registrations rose by 3.5 per cent to 264, although the October figure remained unchanged at 18. Registrations of other vehicles, including road rollers, mobile cranes and specialised vehicles, increased by 30.4 per cent to 365, from 280 during the corresponding period of 2025. The same category also recorded a 30.4 per cent increase in October alone, with registrations rising to 30 from 23 a year earlier.