Puerto Rico
Puerto Rico is an island located between the Caribbean Sea and the North Atlantic Ocean, just east of the Dominican Republic and 1,000 miles southeast of Miami, Florida. Despite being located in Latin America, it is unique in its classification as it is an unincorporated territory of the United States. Mostly made up of mountains, it has a coastal plain to the north, precipitous mountains to the sea on the west coast and sandy beaches along most of the coastal areas.
Population clusters tend to be found along the coast, of which the largest is found in and around the capital city of San Juan. There is also a sizeable population in the interior of the island immediately south of the capital around the city of Caguas. Most of the interior, particularly in the western half of the island, is dominated by the Cordillera Central mountains, where population density is low.
With 146 vehicles per street mile and 4,300 vehicles per square mile, Puerto Rico is considered to have one of the most cars per squqre mile in the world. Home to 1,100 people per square mile, its population density is also among the world's highest.
Chapter 1: Economic and business environment
| Demographics | population of 2.93 million (2021) Puerto Rico's population density per square mile is among the world's highest. There are about 1,100 people per sq mi. |
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| Capital | San Juan (population 418,140)
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| Major cities | 1. San Juan (pop. 418,140) |
| Languages | Spanish, English |
| GDP | US$108 billion (2021), up 4.9% year-over-year |
| Unemployment rate | 6% (July, 2022) Source: Trading Economics |
| Main industries | pharmaceuticals, electronics, apparel, food products, tourism |
| Currency | US Dollar |
| Interest rate | 3.75-4% (November 2022) *same as the United States |
| Fleet Maturity Index (scaling) | Approximately 67% of multinational companies in Puerto Rico offer company's cars to some of their employees. |
| Political key info | The head of state of Puerto Rico is the President of the United States, currently Joseph Biden who is serving his a four-year term which started January 20, 2021.
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| Inflation | 6.1% (September 2022) |
Chapter 2 : Automotive market, segments & sales
| Total Car park | Considering an estimate of one vehicle per 1.5 people, the country has a national fleet of some 2.13 million vehicles. With 146 vehicles per street mile and 4,300 vehicles per square mile, Puerto Rico is considered to be the country with the most cars per square mile in the world. |
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| New vehicle registrations (Cars, LCV, Trucks) | 2022 source: OICA Puerto Rico, for the most part, mirrors automobile sales performance in the United States. |
| Top 5 brands (total market) | 2019 |
| Model preference top 5 (total market) | 2021
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Chapter 3: Company car market
| Total Fleet Park (company cars)/Fleet penetration in total fleet sales | Approximately 76% of the multinational companies in Puerto Rico offer company cars or vehicle benefits for employees, according to a 2020 Global Fleet study done in partnership with Willis Towers Watson. However, regarding the total fleet park, we are currently gathering information. Standby for update.
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| Evolution fleet sales (last 5 years) | In 2021, LCV sales rose 2% to 19,863 units from 19,454 (source: OICA)
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| Top 5 fleet brands (fleet market) | *We are currently gathering information for this section and it will be updated shortly. |
| Fleet Model preference top 5 (fleet market) | *We are currently gathering information for this section and it will be updated shortly. |
Chapter 4: Taxation & legislation
Ordering your car or cars directly from a U.S. state (e.g. Florida) is a strategy used by some. However, as import taxes and fees are lower for car dealerships in Puerto Rico, getting your vehicle directly on the island could save you money as long as you are finding the right vehicle for your fleet. In general, vehicles are US$2,000-US$5,000 more expensive in Puerto Rico than prices seen in the United States. Keep in mind that although Puerto Rico is a U.S. territory, you can't drive around with U.S. plates. Once arriving on the island to be used on streets, new vehicle onwers have three days to register the car with Puerto Rican plates.
Vehicle registration and licensing is done at the department of transportation and public works, DNOC. The registration fee for vehicles less than 3,500 lbs is approximately US$72 and for those above 3,500 lbs, US$115.00 - $155.00. Emissions inspection should be no more than US$40. Unfortunately, extra steps are common in some cases so reserve at least two days to cover all steps. Payments can be made at DTOP or by SURI, the online payment portal. Double check at time of registration.
source: National Express Auto Transport
Chapter 5: Car policies
*We are currently gathering information for this section and it will be updated shortly.
