The head of the Egyptian Automotive Dealers Association, Osama Abul-Magd, explained that car prices have witnessed a significant increase over the past four or five months, impacting various models.
During a phone interview with Extra News TV channel on Monday, he added that the primary reason is the rise in the dollar exchange rate against the Egyptian pound by approximately five pounds which translates to an increase of nearly 10 percent in car prices.
Abul-Magd explained that if a car was valued at one million pounds, its price would automatically rise to around LE 1.1 million.
Another reason lies in the factors surrounding the import process, such as shipping, insurance, and spare parts costs, he added.
These costs have risen in parallel with the geopolitical crisis related to the war on Iran.
He emphasized that these combined factors have led to a price increase of between 10 and 15 percent, which has directly impacted the local market and affected consumers seeking alternative solutions or less expensive options.
Edited translation from Al-Masry Al-Youm
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