For the first time in two years, prices of 18 car brands in the Egyptian market have dropped by up to 23 percent since the Egyptian pound was floated, according to the Ashraq Business website.
This comes after two years of consecutive price increases due to a suspension of imports and a decrease in supply as a result of the difficulty of obtaining foreign currency, which pushed prices up fivefold over the past two years.
Ankush Arora, CEO of Mansour Automotive, the exclusive distributor of several brands in Egypt, told Al Sharq Al Awsat that the Egyptian car market has been significantly affected after the currency floatation, as prices of most brands have witnessed a decrease ranging from 14 percent to 20 percent.
He added that most cars in the Egyptian market are either fully imported or assembled locally, so the stability of the market after the currency floatation has begun to show a positive impact that has been reflected in prices.
According to a survey conducted by Al Sharq Al Awsat, the value of car price decreases ranged between 86,000 and 590,000 Egyptian pounds for 18 brands, including about 43 models of 2024 models.
Most significant price drops
Prices of French Citroen cars have fallen by up to 19.5 percent, or up to 500,000 Egyptian pounds per car, while prices of Korean SsangYong cars have fallen by 22.7 percent, or 590,000 Egyptian pounds, the Ashraq Business website reported
The survey conducted by Al Sharq Al Awsat showed that prices of Chinese Geely cars have declined by 7 percent, or 110,000 Egyptian pounds, and prices of JAC cars have also fallen by 16.6 percent, or 200 Egyptian pounds for some of its models.
Prices of German Opel cars have also decreased by 20 percent, or up to 525,000 Egyptian pounds, while Chevrolet Captiva prices have fallen by 15 percent, or 270,000 Egyptian pounds, and Chinese Geely prices have fallen by 14 percent.
MG prices have also fallen by 18 percent, Peugeot prices by 17.5 percent, some Suzuki models by 12 percent, Fiat prices by 20.9 percent, Seat prices by 18 percent, Toyota and Cobra prices by 10 percent, Ford prices by 6.8 percent, Chery prices by 14.6 percent, and Hyundai Accent RB prices by 16.4 percent.
