Car registrations pick up this year

Registrations of motor vehicles showed increase in the first seven months of 2018, just as lawmakers get ready to pass a new bill.

According to the state data, total motor vehicle registrations between January and July this year jumped by 17.3% to 30,373, up from 25,896 in the corresponding period last year.

Registrations of saloon cars also increased similarly by 17.8%, jumping from 21,351 last year to 25,157 this year within the same period, January - July.

The increase comes weeks before a new bill in the works would change how Cypriots pay for their vehicle registration but also how much road tax they pay depending on how soon they take care of their bill.

Vehicle owners who pay by January 15 will get a 20% discount, while those paying between January 16 and 31 will be able to save 15%.

Those paying on or after February 1 but no later than March 10 will pay the full price, while vehicle owners paying after March 10 will be assessed both a €10 fee and a 10% charge of the annual amount.

Registration periods that are issued quarterly and semi-annually will be discontinued under the new law.

The legislation is expected to be drafted and voted into law in September.