Domestic Car Market in Recession

Transactions in the domestic car market are limited to passenger cars priced under 20 billion rials ($40,746), according to an automotive expert.
“Currently, the market is in recession and cars worth 20-30 billion rials [$40,746-$61,119] are not being sold in the market at all,” Erfan Sayyah was also quoted as saying by the Persian automobile daily Donyaye Khodro.
"The drop in the prices of assembled cars following the letter of the National Competition Council and the market recession have caused prices to return to the rates of the 11th month of the last fiscal year [Jan. 21-Feb. 19, 2023],” he added.
He noted that one of the reasons that triggered the price hike was the changing public perception that a car had become a capital good instead of being a consumer good.