Car Sales Continue to Decline in Europe

Incredibly, enthusiasm for the automobile continues to wane across Europe. For the 18th consecutive month, new car sales have declined, according to March new-car registrations. Sure, the macroeconomic picture isn’t pretty: unemployment is up across the Euro zone and renewed political turmoil over Cyprus didn’t help. But even Western Europe marked a first quarter drop of 10% over last year. In Germany, the financial anchor of Europe, new registrations plunged 17%. Has Europe lost its appetite for motoring, or simply that new car smell?