Used car dealers: prices fell by 20%..and we expect a further decline
Used car dealers: prices fell by 20%..and we expect a further decline
Used car dealers: prices fell by 20%..and we expect a further decline
A number of used car dealers revealed that their prices have decreased by 20%, expecting that the increase in supply over demand will lead to a further decrease, until the drop rate reaches 30%.
Mukhlad Al-Mutairi, head of the Car Exhibitions Committee at the Jeddah Chamber of Commerce and Industry, pointed out, according to “Al-Riyadh”, that the stagnation that the used car market in the Kingdom has been suffering for about 5 months will contribute to a further drop in their prices, indicating that car owners and showroom owners know this fact and are no longer sticking to the high prices. .
Al-Mutairi denied that the decline in used car prices in the Kingdom was caused by a 20% drop in new car prices in some neighboring Gulf markets, such as the UAE market, for example.
