Mahmoud Hammad, head of the used car sector at the Car Dealers Association, stated that there is currently a decline in prices.

He added during a phone interview on the “Dos Benzin” program on Al-Nahar TV on Friday evening that selling now might be good for the used car market considering the market situation and the drop in the dollar price.

He predicted the dollar would reach around 47 Egyptian pounds before rising again, confirming that the market experienced a significant price shock over two months, with prices falling, causing some to fear losses.

He noted that the market situation might noticeably change within two to three months, confirming that the “trader-customer” phenomenon has disappeared from the market. This phenomenon involved customers alternating between buying and selling to benefit from market movements.

Hammad reported that cars priced between 750,000 and 1.25 million Egyptian pounds are in increasing demand, to the extent that there is a shortage in the market. He clarified that this applies to both new and used car markets.

He pointed out that no entity controls the pricing of used cars, and prices depend entirely on supply and demand.

He confirmed there is weak demand for used cars, explaining that no one buys a car unless they need it, and there is no recreational aspect in the matter.

He also noted a clear market indicator: the appearance of Chinese cars, both electric and gasoline-powered, with prices starting from 700,000 Egyptian pounds.