Life & Style | Motoring
Small car sales will slump soon
Sales of small and medium-sized cars may slow by up 10 per cent next year in the UAE as cash-strapped banks charge higher interest rates and become more selective on financing car buyers, auto manufacturers told Gulf News at the Abu Dhabi Motor Show yesterday.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:45 December 18, 2008
Abu Dhabi: Sales of small and medium-sized cars may slow by up 10 per cent next year in the UAE as cash-strapped banks charge higher interest rates and become more selective on financing car buyers, auto manufacturers told Gulf News at the Abu Dhabi Motor Show yesterday.
Ahmad Al Bijawi, sales manager for the dealer of Korean automaker Kia Motors in Abu Dhabi said they had a steady growth in sales right up to November this year, but car sales may slow next year.
Kia cars sell in a price range of Dh30,000 to Dh140,000 ex-showroom.
"There are now problems with the financing of cars for a certain section of car buyers. More and more restrictions are coming from banks, some are asking for higher down payments, while some others have raised their interest rates," he said.
Dealer for Chevrolet, Bin Hamoodah Auto's sales manager, Ayman Al Bijawi, said their car sales increased 67 per cent on the year during the first nine months of 2008, but feared that sales may decline next year.
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