International auto show underway in Tehran

Upsurge in car prices batters Iran auto market hard

Financial Tribune – A new wave of higher car prices has arrived; pushing decent rides further out of average Iranians’ reach and helping avaricious dealers make another quick buck at the expense of customers. This is while some public figures have rushed in to calm down the market saying that nothing is out of the ordinary.

With the US dollar exchange rate on a runaway bullish run, most market observers expected the tumultuous rates have a knock-on effect on the auto market, as it did on Monday when mid-range vehicles saw a 3-6% hike in their prices while the value of high-end models jumped by 13% compared to a day earlier.

In the span of a single day, locally designed sedan model Dena+ saw a 13.3% price jump and is now sold at 850 million rials ($19,300), Peugeot 207’s 13.09% rise places the vehicle’s price at 950 million rials ($21,600), and Sandero Stepway’s 10.47% jump has put the car’s price above the one billion rials mark at 1.05 billion rials ($23,860), Tasnim News Agency reported.