The prices of foreign vehicles have soared astronomically in the past few years along with the rising foreign exchange rate of the US dollar in the domestic market.
However, in view of the stagnation in the foreign car market and the slow downtrend in forex rate, will the price bubble pop?
Some foreign cars have recorded a 90% price growth in the domestic market. For instance, the JAC S5 automatic was priced 900 million rials ($3,249) in fiscal 2017-18, which has reached 9 billion rials ($32,490) in the current fiscal year’s 10th month (Dec. 21-Jan. 20), Donyaye Khodro reported.
Also, the price of the Renault Talisman car has increased from 2.15 billion rials ($7,761) to 19 billion rials ($68,592) in the same period.
January 17, 2022 19:19
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Inflated Foreign Car Prices: When Will the Bubble Burst?
As foreign cars have become very expensive and the market is experiencing stagnation, experts suggest ways of bursting the market’s price bubble
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