In the aftermath of the financial crash in Iceland in 2008, car sales for private use was significantly reduced, but this seems to be changing rapidly.
Last year the sales went drastically up with fourteen thousand new cars sold compared to nine thousand and five hundred in 2014, making for an increase of roughly 47% between years according to a report by Viðskiptablaðið. If the upsurge continues the sales of new cars for private use in Iceland will again be comparable to what it was pre-crash in 2007 when around sixteen thousand new cars were sold. Sales might even reach the record year of 2005 with around eighteen thousand new cars sold according to estimation. Following the financial crash in 2008 the car-fleet of Iceland aged swiftly as sales of new cars came to a virtual halt in 2008, 2009 and 2010. The increase in car sales now is to be expected and is likely to continue rising. The growth comes parallel to a great upsurge in car rentals in Iceland with the tourist industry booming in the country.