Used Cars Market in Egypt is shutting down!

Posted by admin in Market, MKII, photos, Sale, Volkswagen Golf on 01 10th, 2009 | 509 responses

Here I am for the 5th week, every Friday I go to the car market at Cairo, hoping that thing will get better and someone will give a good price for my Volkswagen Golf II, but it seem this price crises will last for longer time!

6 months back from now, my car worth 40.000 Egyptian Money with out any headache or even discussing about price. People were stopping me all the time on the street or gas stations offering to buy my car and ask me if I would like to sale it or not, they even wanted to push me to do it by offering a dream price that doesn’t exists these days in the market, and show their sad feelings when I say NO, I don’t want to sale it!

Can any one believe that prices of used cars in Egypt is going down by 25% , which means I will lose 10.000 Egyptian money?

Car buyers made me think that I am stupid when I didn’t accept the 35.000 last week, when I was asking for 37.000 thinking that it’s a decent price for me and for the person who will buy the car, so .. now.. there is no more offers more than 32.500 for my car!

Prices are going down and down every week, and of course this is not happening to me only but to everyone who has an old used car, lots of people will lose their money just because they wanted to sale their used cars now. The weird thing is that the new brand car market is not touched yet! So I am keeping wondering why this happened in the used car market only?!

To have a market anywhere there is 3 basic things that should exists all together, these thing are the seller, the buyer and the goods. This is what makes me think that there is no used car market in Egypt now, and I definitely can say that the market is shutting down!

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Car buyers could be the lucky one these days -if they exists- But where are they? Are they on the couch dreaming of lower prices everyday so they can get better cars for less price?!

I hope this problem will finish soon, because people here are crazy, when they sale they want the highest price, and when they buy the don’t want pay anything!