After the new impetus given to the matter of importing new cars, which will strengthen the automobile market with approximately 75,000 cars in 2023, the supply is definitely about to increase. This fact suggests a possible fall in used car prices.
The president and general manager of the insurance company “Alliance”, Hassan Khelifatitold an Arabic-speaking media the second-hand car market in Algeria should be indirectly supplied by 75,000 cars and this thanks to the importation of new vehicles.
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The official indicates that institutions and companies in Algeria will begin the process of renewing car stock locations in the coming months. 150,000 cars are expected to enter the Algerian market this year (between agents and individual import operations with mujahideen licenses).
Part of these used cars will be offered by companies and institutions, public or private, on the market, which will help to increase the supply. The market price of used cars in Algeria will drop in the coming months according to him.
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Brands such as “Fiat”, “JAC” and “Opel”, which have officially obtained the final licenses from the Ministry of Industry to operate in Algeria as well as the increase in the supply of used cars will probably second-hand car prices will stay at the levels they have reached in recent years.
Halal credits to acquire vehicles
After a long period of stagnation, the Algerian automobile market is finally recovering. Several banks jumped at the chance to launch islamic banking services.
After the National Bank of Algeria (BNA), which had launched its formula AUTOMOBILE MOURABAHA “, it is the turn of the bank of the People’s Credit of Algeria (CPA) to do the same.
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Indeed, Ali Kadri, the general manager of the bank, announced that his bank now offers loans under the formula of Islamic finance with regard to the purchase of locally made cars. It intends to play an important role in the operations of acquisition of new cars manufactured in Algeria.
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