Car prices unchanged in July except Hyundai, Nissan, Chery

Car companies maintained their prices in July, except Hyundai, Nissan, and Chery. The increases of the three companies ranged between 1,500 and 11,000.

For the first time in years, car companies have not offered price cuts on their products during the holy month of Ramadan.
Auto companies expect that the sector’s sales will fall as a result of the Central Bank of Egypt’s (CBE) decision to raise the basic interest rate on the pound. Most automotive customers rely on loans to finance the purchase of their new cars, so the high interest rates will negatively affect the sales.

Sources in the auto sector confirmed that only 30% of the customers pay in cash, while the rest of them pay through loans, noting that the decision will lead car sales to continue to decline.
The sources added that the CBE’s decision will serve citizens who seek to save their money. However, those looking for investment, especially in the automotive sector, will be affected negatively.