Germany's new car market shrank for a 5th consecutive month, posting a 32% year-on-year drop in April as the hangover lingered from the conclusion of federal government scrappage incentives for new car buyers.
Modified with regard to the actual number of working days, new car registrations dropped10.2 % in comparison with April 2008, before incentives were introduced.
The April result brought the decline in the first 4 months of this year to 25%, data published by the VDIK association of foreign car manufacturers revealed .
"Initial estimates show new orders at our members are on the same level as in April 2008, which I see as the first momentum toward an automotive springtime in Germany," VDIK President Volker Lange said in a statement.
Demand in Germany has slumped dramatically since the 5 billion euro ($6.66 billion) federal government car scrappage scheme ran out of money at the beginning of September. Decreasing orders have fed through to new car registration statistics.
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