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Sales of imported cars recorded a negative growth rate for the first time this year in October, after surging by some 30 percent compared to last year. The Korea Automobile Importers and Distribution Association on Wednesday said 4,273 imported cars were newly registered in October, down 14.3 percent from a year ago and down a whopping 23.4 percent from September. This is the first time in three years and eight months that monthly sales decreased on-year.
KAIDA executive director Yoon Dae-sung said the financial crunch was responsible for a drop in purchases on installment or leases, the way 80 to 90 percent of customers buy imported cars. ¡°The global financial crisis also froze consumer sentiment,¡± he added.
Honda, which sold 1,299 cars in September alone, held onto its lead, but also saw sales drop 47 percent, selling only 693 in October. The Honda Accord, which sold 1,103 in July, was down to 377. Accumulated sales from January to October this year were 54,654, up 25.7 percent on-year, but sales have been on a downward trend since it peaked in July with 6,452 cars sold.
(englishnews@chosun.com )
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