Price decline is freshening hopes in the automotive market

The automotive market saw a decline in prices over the past few days despite the fact that most major foreign car brands continued to raise their prices—a circumstance that created a state of wonder about the near future of the automotive market, and whether the time is right to buy or postpone purchases until further reductions.

Daily News Egypt polled senior distributors and dealers.

Head of the Egyptian Automotive Dealers Association Osama Abu El-Magd said that the market is seeing a decline in prices, because of what he called personal initiatives by traders in an attempt to revive sales after the recession witnessed by the sector over the past months, and low sales of last year.

Car sales over the past year have fallen by 28.8% compared to 2015, as the market saw sales of 198,300 units compared to 278,400 units in 2015.