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Financial Mirror (Cyprus) - - FRONT PAGE -

Pri­vate sa­loon car reg­is­tra­tions in­creased by 29.8% to 14,453 in the first ten months of the year from 11,136 in Jan­uary – Oc­to­ber 2013, ac­cord­ing to data pub­lished by the sta­tis­ti­cal ser­vice Cy­s­tat.

Car deal­ers have of­ten told the Fi­nan­cial Mir­ror that the rea­son for the con­tin­ued rise in sales, es­pe­cially new cars that carry a 7-year war­ranty, is that con­sumers have with­drawn their sav­ings from banks for fear of a sec­ond bail-in of un­se­cured de­posits, as hap­pened in March 2013 to res­cue now-de­funct Laiki and re­cently re­cap­i­talised Bank of Cyprus and the Co­op­er­a­tives.

The in­se­cu­rity has also prompted con­sumers to buy goods, such as cars, in cash and not be tied to medium or longterm fi­nanc­ing or hire-pur­chase deals.

Ac­cord­ing to Cy­s­tat, 1628 sa­loon cars were regis­tered in Oc­to­ber com­pared with 1129 in Oc­to­ber 2013 and 1458 in Septem­ber 2014.

The to­tal reg­is­tra­tions of mo­tor ve­hi­cles in­creased by 23% to 19,050 in Jan­uaryOc­to­ber this year, from 15,486 in the first ten months of 2013.

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