Boston, MA -- (SBWIRE) -- 01/06/2014 -- In terms of sales volumes, the Greek vehicle market stands at less than half the levels seen in 2007. With consumers feeling the pinch of higher taxes and high vehicle ownership costs, we believe that a recovery in new vehicle sales unlikely during our forecast period to 2017. It is therefore not surprising that local dealerships are being forced to slash vehicle prices and offer substantial discounts in an attempt to spur demand in the market.

In addition to soaring unemployment, there are a number of factors holding back vehicle purchases in Greece. The latest economic data show the economic depression continuing to deepen. Additionally, poverty levels in Greece are rising; with falling incomes and lack of job security for those employed, consumers are holding back on big spending. Meanwhile, a hike in road tax from 9% in 2011 to 12% in 2012, coupled with an exponential increase in gas prices, has resulted in existing car owners surrendering their licence plates with the aim of avoiding the rising cost of vehicle ownership.

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