PEOPLE ARE UNABLE TO BUY CARS
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The global economic crisis has considerably curtailed bargains at the automarket. Few cars have been sold at Armenian automarkets for the past few months which generally activates at weekends. Garik who imports cars to Armenia from Dubai complains of “downtime.”
“We get delighted at seeing someone at the market as people rarely drop in. I must say that the sales have fallen off to 10 %.” Suren importing cars from the USA states that they sustain losses instead of getting profits. “I cannot sell the cars brought to Armenia while the money tied up in the business cannot be returned.
The prices of the new models haven't gone up, just on the contrary, they have gone down. For example, if a Mercedes E, 2003, was once sold at $45 000 today the price has dropped by $10 000. Strangely though it may seem, the price of second-hand cars has gone up. For example, a Mercedes, 1996, once costing $8000, today is sold at $10000. In comparison with the new models, second-hand cars are of greater demand today.
“Luxurious cars cost a lot of money. People usually buy them on credit but as banks don’t give credit people cannot afford them. On the other hand, cheaper cars are more available and people buy them in cash,” said Suren.
