cars prices—
The Executive Director of the used car market in Cairo Governorate, Brigadier Ibrahim Ismail, said that the prices of used cars this year fell by a large percentage compared to the same time during the past year, noting that the rate of decline in used car prices ranged between 10 to 15% during the last period, pointing out that The percentage of customers buying used cars decreased a lot.
Decline in used car prices
In his statements, the CEO of the used car market added that there are many reasons that led to the decline in used car prices, the foremost of which is the decrease in the price of the US dollar against the Egyptian pound.
He pointed out that the decrease in the prices of new cars following the announcement by several international and local companies of reducing the prices of new cars in different categories, which resulted in the customers ’tendency to buy new cars instead of the user.
Ismail stressed that there is a close correlation between new and used cars. As the prices of new cars decline, so does the price of used cars. The opposite is also true.
The executive director of the used car market in Cairo Governorate pointed out that the used car market is now witnessing a state of stability and stability, indicating that there is a weakness in the demand from customers to buy used cars, but the prices will not decrease more than that.
Ismail expected that the next few days will witness an improvement in the volume of sales in addition to the stability of the current prices, pointing out that there is a group of consumers who tend to buy used cars because of their weak purchasing power.
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