The sales of new cars in Bulgaria are down 50% over the global economic crisis, the Bulgarian new agency BTA reports, citing industry experts.

According to them, the sales reduction involves mainly cars purchased by businesses while car prices are down 20% to 25%.

Automobile dealers say if the prices go down even further they will begin selling cars at a loss, adding Bulgaria is behind a number of countries that implemented different stimuli to revive the car market and increase sales. Part of the problem is also the fact that Bulgaria does not manufacture cars.

The Bulgarian Association of Car Importers reports that 46 000 new automobiles have been purchased in Bulgaria in 2009 while the expectations are that the 2007 levels wont be reached until 2011 – 2012.

The trend will continue in the next year, experts believe, but note the recovery will be helped by the banks renewing their loan and lease offers similarly to the government assistance provided on big European markets for the trading of old cars with new ones.