For the first time in years, car companies have not offered price cuts on their products during the holy month of Ramadan.
Most car models’ prices remained unchanged, except Nissan, Hyundai, Chery, and Ford.
Auto companies expect that the sector’s sales will fall due to the Central Bank of Egypt’s (CBE) decision to raise the basic interest rate on the pound. Most auto 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, but those looking for investment, especially in the automotive sector, will be affected negatively.
Opel leaves last month’s prices unchanged
In May, German carmaker Opel had increased the price of its Corsa by EGP 5,000 to reach EGP 260,000, and added EGP 20,000 to the price of the Cascada to register EGP 620,000. In June, those prices have remained unchanged. Opel maintained the price of its other models unchanged during the last two months.
Hyundai increases the price of its manual gear Verna to EGP 149,900
Hyundai adjusted the price of the Verna in the last month, starting from EGP 149,900 for cars with manual gear—up by EGP 2,400—and EGP 174,000 for the cars with automatic gear—down by EGP 17,000.
In May, Hyundai increased the price of the i10 by EGP 30,000, settling at EGP 179,000, and the price of the Grand i10 by EGP 21,000, to reach EGP 228,000.
The price of the Elantra HD rose by EGP 3,000, with the base model now standing at EGP 223,000, while the cost of the Tuscon increased by EGP 15,000, settling at EGP 505,000.
Ford increases prices of Kuga and Focus models
The American brand Ford tended to increase the price of the Kuga and Focus models, adding EGP 20,000 on the Kuga to reach EGP 530,000, and it increased the price of the Focus by EGP 5,000 recording EGP 290,000.
Daily News Egypt’s tour of American cars showed that Ford has maintained April’s prices. Ford had raised the price of its EcoSport by EGP 4,000, to record EGP 358,000.
Toyota maintains its prices unchanged in May
In April, Toyota had added EGP 15,000 to the Corolla’s price, to register at EGP 340,000. It also increased the price of the Avanza by EGP 19,000, to reach EGP 399,000, and of the C-HR by EGP 35,000, to record EGP 560,000. However, the company has kept its prices steady in May and June.
American carmaker Chevrolet added EGP 10,000 to the price of the Aveo, taking it up to EGP 183,600, and the Lanos increased by EGP 9,240, reaching EGP 155,500, whereas the prices of the rest of the models remained the same as last month.
Mitsubishi stable for the second month in a row
Japanese Mitsubishi has not witnessed any price changes in May or early June, where the last increase was on the Pajero by 45%, making it reach EGP 1.6m.
The prices of the rest of the models were fixed at February’s prices, which witnessed an increase of EGP 10,000 on Lancer, making its prices start at EGP 245,000 for the first class and up to EGP 275,000 for the higher class.
Emgrand 7 increases to EGP 159,000
Chinese Geely increased the price of the Emgrand 7 to EGP 159,000—an increase of EGP 1,000.
Geely added EGP 8,000 to the car’s price in March, making the first class reach EGP 180,000. It then reduced prices by EGP 22,000 in April, stabilizing them at EGP 158,000, without increases in early May.
Tiggo jumps to EGP 219,900, Envy declines
Chinese Chery increased the price of its Tiggo by EGP 49,000 to take the price to EGP 219,900, whereas the price of the Envy declined by EGP 10,000 to stand at EGP 134,900.
The price of the Tiggo increased last month by EGP 5,000, reaching EGP 215,000.
EGP 40,000 increase on the price of Mercedes GLA 200
German brand Mercedes Benz stabilized the prices of its models compared to last month, with a EGP 40,000 increase on the GLA 200, taking its price to EGP 705,000 for the 2018 model.
Mercedes also increased the price of the B180 by EGP 11,000 to make it reach EGP 555,000.
BMW changes prices of 3 models
German carmaker BMW had kept the prices of the last three months unchanged in May; however, it increased the price of its models by EGP 20,000 and EGP 40,000 in June. BMW increased the price of its “318” by EGP 20,000, settling at EGP 620,000, and it added EGP 20,000 to the “320” to reach EGP 780,000. It also added EGP 40,000 on the price of the “330”, recording EGP 890,000.
Nissan increased the prices of all Sunny models, where the standard model reached EGP 196,000 and the highest-level trim recorded EGP 216,000.
Another increase was applied to the price of the Sentra by EGP 21,000, settling at EGP 277,000. This was followed by the Qashqai, with an increase of EGP 15,000 to reach EGP 400,000.
Nissan had increased the prices of its cars in May after the reduction witnessed in April and March.
Kia without changes for the second month in a row
The price of Kia models have been stabilised for the first time in a year and a half, without changes in May or June.
Kia has witnessed several changes over the past year and a half, with the most recent change in March, where prices were reduced by nearly EGP 50,000, before a later increase in the same month.
There had been recent price changes in April, when Kia reduced the prices of all its models, except for the Carens, which increased by EGP 10,000, and the Carnival, the price of which was fixed at EGP 1.55m.
The company had decreased the price of the New Cerato by EGP 28,000, to reach EGP 314,900, while the Rio was reduced by EGP 18,000, reaching EGP 315,900.
The price of the Picanto had decreased by EGP 15,000, recording EGP 229,900, while the Kia Soul decreased by EGP 20,000, reaching EGP 429,000 for the highest-level trim. The price of the Sportage declined to EGP 20,000, recording EGP 519,900.
Renault Logan’s price reaches EGP 180,000
The French brand Renault has retained the price of its models recorded in May.
Renault had increased the price of the Logan by EGP 15,000 last month, with the price of the manual gear Logan starting at EGP 180,000, and the automatic version at EGP 205,000.
Renault had also increased the price of the Lodgy by EGP 8,000 to reach EGP 249,000, and the price of the Sandero and Stepway by EGP 15,000. It also added EGP 10,000 on the prices of Captur and Kadjar.