AZE.US
Car sales in Baku have slowed sharply despite a large number of vehicles being offered on the market.
Sellers at the Azerbaijan capital’s car markets say customer activity is weakening almost daily. Many visitors ask about prices and inspect vehicles, but few are prepared to make a purchase.
According to market participants, sales have fallen significantly compared with three to five months ago. Some sellers say they can spend an entire day at the market without seeing a single serious buyer.
Weak demand has forced owners to reduce prices. Depending on the brand, model, year of production and technical condition, some used cars have become at least 1,500 manats, or about $880, cheaper.
In certain cases, prices have fallen by as much as 4,000 to 5,000 manats, approximately $2,350 to $2,940, compared with seven or eight months ago.
One 2014 vehicle is now being offered for 17,500 manats, or roughly $10,300. Similar cars previously cost between 20,000 and 22,000 manats, about $11,800 to $12,900.
Vehicles that were priced at around 40,000 manats, or $23,500, only a few months ago are now being offered for approximately 37,000 manats, or $21,800, but sellers say even these discounts are failing to attract buyers.
Market participants link the slowdown to the rising cost of owning and maintaining a vehicle, as well as the relatively high prices of used cars.
At the same time, demand is increasingly shifting toward more affordable new Chinese-made vehicles, which often come with modern features, warranties and financing options.
AZE.US