It is unusually quiet in the Egyptian used car market as hundreds of vehicles accumulated in the allocated areas with their owners and traders sitting beside them. On 1 January, several European car dealers in Egypt announced a decline in prices of different car brands, such as Skoda, Opel, Peugeot, Ford, and others. Used cars offered for sale decline to 25%Ibrahim Ismail, executive director of the Used Car Market in the Tenth Neighbourhood of the Nasr City, said that linking the used car prices to new ones is not reasonable. Hossam Maghrabi, a car dealer, said that if new car prices declined, the used car prices will follow, as traders will tend to buy new cars. Abu Salah noted that the used car market will need at least two months to recover.

Source: Daily News Egypt January 08, 2019 14:15 UTC