The prices of cars have witnessed aggressive changes since the liberalisation of the exchange rate starting in November 2016.
Daily News Egypt detected the changes to car prices in the Egyptian market from before the Central Bank of Egypt (CBE) made the decision to float the Egyptian pound last year up until November 2017.
The rates of change have ranged between 7% and 129% for some models. After these increases, the car market witnessed a major decline in sales of 50% compared to last year, after a large number of people could no longer afford cars.
The analysis by Daily News Egypt included detecting the price changes of Opel, Chevrolet, Kia, Mitsubishi, Mercedes, Geely, Renault, Ford, Toyota, Chery, Nissan, Hyundai, and BMW cars.
Opel witnesses increases ranging between 17% and 52%
Opel has increased the prices of its cars since the Egyptian pound’s flotation date up until this month by 17%-52%, where it added EGP 55,000 on the price of an Astra, which reached EGP 325,000. The price of a Corsa also increased by EGP 55,000, while the price of the Insignia increased by EGP 75,000, a Cascada by EGP 130,000, an Adam by EGP 119,000, a Mokka by 54,000, and a Meriva by EGP 59,000.
Hyundai prices increased by 42% post-flotation
The price increase of Hyundai’s models is between 7% and 42%, where about EGP 15,500 was added to the price of a Verna since flotation, to reach EGP 153,900, while EGP 41,000 was added to the price of an i10, EGP 68,000 to a Grand i10, EGP 34,000 to an Elantra AD, EGP 27,500 to an Accent, EGP 32,000 to a Solaris, EGP 80,000 to a Creta, EGP 74,000 to a Tuscan, and EGP 28,500 to an i30.
Major pricing policies of Toyota post-flotation
The price policies of Japanese Toyota ushered in an increase in price for its models. The increases ranged between 33.5% and 129.5% on the prices of cars since flotation. The price of a Fortuner increased by EGP 470,000 with the launching of its new edition. EGP 87,000 was added to the price of a Corolla, EGP 79,000 to the Yaris, EGP 146,000 to an Avanza, and EGP 160,000 to an Auris, bringing its price to EGP 430,000.
Chevrolet adds EGP 40,000 to Aveo’s price since the flotation
Chevrolet has raised the prices of its models since the flotation by 21%-54%, as the price of an Aveo increased by EGP 40,000, an Optra by EGP 37,500, the Lanos by EGP 38,400, and the price of a Cruze increased by EGP 99,000.
Prices of Mercedes since flotation
Mercedes has amended the pricing policy of its models within one year since flotation, with the price increases ranging between 22%-72%, where EGP 234,000 was added to the price of a C180, EGP 165,000 to a CLA180, EGP 500,000 to an E180, EGP 305,000 to the price of a GLA200, and EGP 460,000 to the price of the S400.
BMW sees 26%-61.5% increase since flotation
German car maker BMW has increased the prices of its models by 26%-61.5% during the period from early November until late October 2017, where EGP 120,000 was added to the price of a 318i, EGP 200,000 to a 320i, EGP 250,000 to a 330i, EGP 235,000 to a 340i, EGP 276,000 to a 418i, EGP 175,000 to a X1, EGP 360,000 to a X3, EGP 440,000 to a X5, and EGP 400,000 was added to the price of a X6.
Nissan: the brand with the least changes in prices
Japanese brand Nissan is the brand with the least price changes during the period between November 2016 and November 2017. The increase ranged between 10.2%-32.8%, except its Juke model, which saw an increase of 96.13% equivalent to EGP 174,000. The company added EGP 21,000 to the price of a Sunny, EGP 67,000 to the price of a Centra, and EGP 100,000 to the price of a Qashqai.
Kia increases prices by 50%
The price increases of Kia’s models ranged between 21%-50% during the period from November 2016 to November 2017, where EGP 154,000 was added to the price of a Carens, EGP 50,000 to a Cerato, EGP 88,000 to a Rio, EGP 62,000 to a Picanto, EGP 119,000 to a Soul, EGP 115,000 to a Sportage, EGP 450,000 to a Carnival, and EGP 80,000 to the price of a Cee’d.
Mitsubishi increases prices of Pajero by EGP 500,000 post flotation
The pricing policy of the Japanese Mitsubishi has increased the prices of its models by 25%-45.5% compared to prices in November 2016. The price of a Pajero increased by EGP 500,000, while about EGP 55,000 was added to the price of a Lancer.
Ghabbour increases prices of Geely post flotation
Ghabbour Auto has increased the price of the Geely Emgrand 7 by EGP 23,000, to reach EGP 164,500.
Renault’s increases reached up to 70% after the liberalization of the exchange rate
Renault has revised its pricing policy for its models over the past 12 months, with price increases ranging between 18% and 70%, adding EGP 58,000 to the price of Duster EGP 42,000 on Logan, EGP 149,000 on Megan, 50,000 on Captur, EGP 62,000 on Kadjar, and EGP 44,000 on Sandero and Step Way.
Ford Fusion raised EGP 90,000 during the float year
Daily News Egypt’s tour revealed the prices of vehicles and their rates of change, compared to what they were before the liberalization decision in November, and found that Ford raised the price of Fusion to EGP 90,000, adding EGP 120,000 on the Kuga, EGP 68,000 for Focus and EGP 33,000 for Ecosport.
Tiggo rises EGP 4,500 during the year
Ghabbour Auto has raised the price of Chery models by about EGP 16,500 on the model Envi and EGP 40,500 on the model Tiggo in the past 12 months.
Opel witnessed increases between 17- 52%
Opel has raised the price of its cars since the flotation decision until the end of October by 17-52%, adding 55 thousand pounds on the price of Astra which amounted to EGP 325,000, the same value on Corsa, while adding EGP 75,000 on Insignia, EGP 130,000 on Cascada, EGP 119,000 on Adam, EGP 54,000 on Mokka and EGP 59,000 on Meriva.
Creta achieved the biggest jumps in “Hyundai”
The prices of the increase in prices in Hyundai models ranged between 7% to 42%, adding to the price of “Verna” since the flotation decision about EGP 15,500 to reach EGP 153,000, while adding EGP 41,000 to the price of “I10” EGP 68,000 on Grand I10, EGP 34,000 on Elantra AD, EGP 16,000 on Elantra HD, EGP 27,500 on Accent, EGP 32,000 on Solaris and EGP 80,000 on Cerato as the biggest price jump. EGP 74,000 on Tucson, and EGP 28,500 on the I30.
“Toyota Fortuner” flying at the level of EGP 1.13m
Since the pound flotation , Toyota’s pricing policy has been very bullish, with prices rising 33.5-129.5%.
The price of Fortuner rose by EGP 470,000 with the introduction of the new format, to offer the price of EGP 1.13m for the 2018 model all the accessories 4WD, EGP 87,000 more than Corolla, EGP 79,000 on the Yaris, EGP 146,000 on the Avanza, and EGP 160,000 on the price Auris to reach EGP 430,000.
Chevrolet adds EGP 40,000 to Aveo
Chevrolet moved the prices of its models, ranging between 21-54%, as the price of Aveo increased by EGP 40,000, EGP 37,500 to Optra, EGP 38,400 to Lanos, and EGP 99,000 to “Cruise”.
Strong increases in Mercedes models
Mercedes has revised its pricing policy for its models within a year of the flotation decision, with price increases between 22% and 72%.
Mercedes added EGP 234,000 to the price of C180, EGP 165,000 more than the CLA180, EGP 500,000 to the E180, EGP 305,000 to GLA200 and EGP 460,000 to the S400.
BMW Record 61.5%
The German brand “BMW” raised the prices of its models by 26% to 61.5% during the period from early November until the end of October 2017.
BMW added EGP 120,000 to the price of I118, EGP 220,000 to I218, EGP 165,000 to I318, EGP 200,000 to I320, EGP 250,000 to I330, EGP 235,000 to I340 , EGP 276,000 on “I418”, EGP 175,000 on “X1”, EGP 360,000 on “X3”, EGP 440,000 on “X5” and EGP 400,000 on “X6”.
«Nissan» Less signs of price movement
The Japanese brand Nissan is the lowest mark for the period from November 2016 to November, with the price increase between 10.2% and 32.8% compared with its Juke Platinum, which rose 96.13%, up EGP 174,000 from its November price.
The company added EGP 21,000 on the price of “Sunny” and EGP 67,000 on the price of Sentra and EGP 100,000 on Qashqai.
Kia increases up to 50%
The price increases on KIA models ranged between 21% and 50% between November 2016 and November, adding EGP 154,000 to the price of carens, EGP 50,000 to Cerato, EGP 88,000 to Rio, and EGP 62,000 on the Picanto, and EGP 119,000 on the Seoul.
It also added EGP 115,000 to the price of Sportage, EGP 450 ,000 to Carnival, and EGP 80,000 to Ceed.
Mitsubishi pays Pajero 500 thousand pounds
The Mitsubishi brand has raised the prices of its models by 25-45.5%, from November 2016 to early November2017. The price of Pajero rose by EGP 500,000.
Mitsubishi added EGP 55,000 to Lancer.
Geely Emgrand7 increased by EGP 23,000
Ghabbour Auto has raised the price of its car, Geely Emgrand7 by about EGP 23,000 to reach EGP 164,500 compared to the price of early November.
Renault’s increases reached up to 70% after the liberalization of the exchange rate
Renault has revised its pricing policy for its models over the past 12 months, with price increases ranging between 18% and 70%, adding EGP 58,000 to the price of Duster EGP 42,000 on Logan, EGP 149,000 on Megan, 50,000 on Captur, EGP 62,000 on Kadjar, and EGP 44,000 on Sandero and Step Way.
Ford Fusion raised EGP 90,000 during the float year
Daily News Egypt’s tour revealed the prices of vehicles and their rates of change, compared to what they were before the liberalization decision in November, and found that Ford raised the price of Fusion to EGP 90,000, adding EGP 120,000 on the Kuga, EGP 68,000 for Focus and EGP 33,000 for Ecosport.
Tiggo rises EGP 4,500 during the year
Ghabbour Auto has raised the price of Chery models by about EGP 16,500 on the model Envi and EGP 40,500 on the model Tiggo in the past 12 months.