Egyptians consider budget cars in response to US$ rate and anticipated fuel prices increases, reveals TNS survey
- Egypt: Monday, January 28 - 2013 at 09:52
- PRESS RELEASE
65% of high-income potential Egyptian car buyers believe that the increase in fuel prices will influence their choices towards economic fuel-consumption cars, while only 18% believe they will not be affected. These are some of the key results of TNS recent survey on the heals of Automech-Formula automotive event, which is held in Egypt from 17 to 24 January.
"According to the Auto Markers Information Council, AMIC, the automotive market has recovered in the second half of 2012, achieving an increase of 13%, reaching 179,000 car sales against 159,000 in 2011," said Tamer El-Naggar, TNS CEO for Egypt and North Africa.
"The increased US$ rate and the anticipated increase in fuel prices have confused the market, although those who are planning to buy cars will proceed but with probably more budget-driven choices," El-Naggar added.
Overall, TNS survey shows that 10% of total respondents are planning to purchase a car in 2013, 5.6% are planning to buy a car in one to two years, and 3% between the next two to five years.
Hyundai has the largest share of purchase intention, according to TNS survey results, while KIA, Toyota, Mitsubishi and Chevrolet are in the top five most mentioned car brands intended for purchase. These are the choices of those planning to purchase economic cars.
Luxury cars have also secured a share amongst luxury car buyers with BMW and Mercedez leading the market in this segment for buying intentions.
TNS survey also reveals that 13% of potential buyers are considering bank loans to pay for their cars, 24% are considering direct monthly installments with car dealers, 49% plan to pay in cash, while the remaining 14% have not decided yet.
TNS survey was conducted over the phone with a total sample of 500 high-income Egyptian respondents who are planning to purchase a car.
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