2024 Model Launch Lowers ‘Over-price’ in Car Market

Several new 2024 models from Chevrolet, Nissan, Hyundai, Kia, BYD, and Opel have entered the car market over the past few weeks. This introduction has led to a decrease in the informal price hikes imposed by dealers on their models, otherwise known as “overpricing”. This trend coincides with a period of stagnant sales in the local market, attributed to a decline in consumer demand for new models.

There has been a decrease of about 30,000 pounds in the “best prices” for next year’s models. Montaser Zaitouna, a member of the General Automotive Division of the General Federation of Chambers of Commerce, pointed out that accredited dealers in the automotive sector are currently offering 2024 models for the brands they represent in the local market. This introduction has resulted in a decline in “overpricing” of approximately 10,000 to 30,000 pounds during the current period.

Zaitouna further added that the car market is currently experiencing stagnation in sales. Coupled with a decrease in consumer demand for new models due to high prices, some dealers are revising their prices and reducing the “overprices” on their various models.

Auto Club has been tracking the official prices of some 2024 models on the market:

Hyundai Elantra HD:

The prices for the 2024 model range from 665 thousand pounds for the first category to 700 thousand pounds for the fourth category, High Line, marking an increase of 50 thousand pounds. The Elantra HD belongs to the sedan category and features a four-cylinder, 1600 cc engine that produces 121 horsepower and a maximum torque of 156 Newton meters. It’s paired with a four-speed automatic transmission.

Nissan Sunny:

The prices for the “Sunny” models range from 485.4 thousand pounds for the first category, “M/T”, to 551 thousand pounds for the fourth category “A/T SUPER SALOON”. The 2024 Nissan Sunny is a sedan that features a four-cylinder, 1500 cc engine, capable of producing 108 horsepower and a maximum torque of 134 Newton meters. It’s equipped with a four-speed automatic transmission and has an acceleration of 0-100 km/h in 15.5 seconds, with an average fuel consumption of about 6.9 liters per 100 km.

Nissan Sentra:

The “Nissan Sentra” 2024 model is offered in one category, the “Upper” class, priced at 740.5 thousand pounds in the local market. This sedan features a four-cylinder, 1600 cc engine that generates 118 horsepower and a maximum torque of 154 Newton meters and is connected to a five-speed automatic transmission.

Kia Oxide:

The prices for the 2024 model range from 1.5 million pounds for the first category, “High Line”, to 1.290 million pounds for the third category, “Top Line Panorama”. The 2024 Kia Oxide belongs to the “crossover” category, and is equipped with a four-cylinder, 1500 cc turbo engine, capable of producing 160 horsepower and a maximum torque of 253 Newton meters. It features a seven-speed automatic transmission, and accelerates from 0-100 km/h in 9.2 seconds, with an average fuel consumption of about 6.1 liters per 100 km.

BYD F3:

The prices for the first category “Manual” model are around 450 thousand pounds, and the second category “Automatic” is priced at 510 thousand pounds. The F3 belongs to the two-class category, and features a four-cylinder, 1500 cc engine that produces 108 horsepower and a maximum torque of 145 Newton meters. It’s connected to a five-speed transmission and has an acceleration of 0-100 km/h in 12.1 seconds, with an average fuel consumption of about 6.3 liters per 100 km.

Kia Sportage:

The prices for the 2024 model range from 1.370 million pounds for the first category “LX”, to 1.850 million pounds for the fifth category “GT”. The 2024 Kia Sportage belongs to the SUV category and features a four-cylinder, 1600 cc engine that generates 140 horsepower and a maximum torque of 168 Newton meters. It’s connected to a six-speed automatic transmission.

In June, 94 of the 2024 models were licensed at traffic units.

Nissan Sentra models topped the list with 52 cars registered, followed by “Sunny” cars with 18 vehicles licensed. The Chevrolet N300 was in third place with 17 cars licensed, followed by the Toyota Fortuner with 4 vehicles. The BYD F3, Hyundai Elantra HD, and Peugeot 5008 each managed to license just one 2024 model last month.

The Minister of Finance, Dr. Mohamed Maait, recently agreed to a proposal by the Minister of Trade and Industry, Eng. Ahmed Samir, to allow the importation of cars for the next model year, beginning in April each year. Khaled Saad, Secretary-General of the Automobile Manufacturers Association, stated that the establishment of a specific date for new car imports was designed to avoid the confusion that had previously occurred in customs and central regions regarding the release date of next year’s models. With the recent approval from the Minister of Finance, agents and car importers will now be able to import 2024 cars starting this month.