A state of stagnation is currently hitting the car market with zero and used cars, and for many reasons, expectations for prices have become blurry in the coming period.. What happened in the market?
The truth is that there has been a chronic crisis in the car market recently, and this is not due to supply or increased demand, but there are other reasons that are strange for the first time to happen, which is that rumors have become the ones controlling the market.
The first rumor that struck the car market and imposed a state of recession was that the Central Bank once again banned the import of cars. Although this is a rumor that has no basis in truth, it affected the movement of prices, which rose further as a result of the rumor that people believed in it.
The second rumor that struck and stopped the car market was about the government’s willingness to float a new pound, and although this is a big lie and it did not happen or will happen, some merchants decided to raise prices because they thought that the dollar would rise again, as in the past, to great levels, and of course there are parties and platforms that invaded this idea and promoted it, and the result is that There was a stagnation in the car market with successive price increases and the strong return of the overpriced phenomenon again.
Montaser Zaytoun, member of the General Automotive Division of the General Federation of Chambers of Commerce, said that the Central Bank did not ban the import of cars, but issued a decision not to approve banks to manage currency except by a decision from the Central Bank, and therefore there is no ban on imports. He also said that the import of cars is currently done through agents only.
Zaytoun also said that the process of importing cars through the free zones has now been completely stopped since the end of the currency crisis last March 2024, and that all car agents in Egypt submitted a memorandum of their demands to the Council of Ministers, which approved all of the above, and that importation is currently carried out through agents only. .
A member of the division revealed that there was a 30% decline in the volume of demand due to citizens’ preoccupation with other needs and obligations coinciding with the end of the year and the rise in car prices at dealers. He said that the official prices are increasing, but the price of the best prices has witnessed a calm and decline, and that some types have increased by about 50 thousand pounds for cars. Hyundai RB, which is a large increase and was implemented all at once, noting that some other models increased by about 3 and 5%.
Regarding expectations, Zaitoun said that the current period will witness fluctuation in the price of the currency, and with rumors spreading about a new float before the end of this year, car prices will increase even more, even though the government denied the existence of any float and confirmed that the price of the dollar is determined based on supply and demand.
