The value of used cars listed for sale on OLX Egypt recorded over EGP 200 billion in 2017, according to the annual report on the used car market published on Tuesday by the global online marketplace.
Car listings saw a 27 percent year-on-year increase in 2017 to over 1 million listings.
“The report results reflected the positive impact of the Egyptian pound floatation at the end of 2016 on the used car market, in addition to the fuel price increase in mid-2017, as well as the value-added taxes,” OLX said in an e-mailed press release.
“These changes in the economy strengthened the used car market as demand for new expensive cars decreased,” according to the release.
July 2017 saw a 55 percent increase in fuel prices, as the government continued implementing its fuel subsidy reform programme.
OLX Egypt listed 138 cars for sale each hour in 2017.
On the demand side, OLX Egypt saw a 10 percent increase in visits to the cars section between July and December 2017, compared to the first half of the year.
The number of visitors to the cars section increased by 28 percent in 2017 compared to 2016, which translates into 2 million users every month and 212,000 users per day.
The top five brands with the highest number of listings in 2017 were Hyundai Verna (at an average price of EGP 98,600), followed by Fiat 128 (EGP 19,500), then Kia Cerato (EGP 189,000), followed by Chevrolet Optra (EGP 139,000), and Mitsubishi Lancer (EGP 145,000)
The most searched brands were Hyundai Verna, Fiat 128, Chevrolet Aveo, Kia Cerato, and Mercedes-Benz E-200.