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GM - Higher Taxes Mean The Swedish Car Market Crashed 35% In Q3
General Motors Company
It’s elementary, Dr Watson: Economics 101 dictates that if you increase the price, demand falls. The latest such lesson in Q3 2018 comes from the Swedish car market, which fell 35% from the previous year.
The reason? Massive new annual car registration taxes for most regular gasoline and diesel cars, implemented on new car purchases starting July 1, 2018. You pay these higher taxes for the first three years of ownership.
It’s as if the Swedish government wanted to punish new car ownership. And it did.