US car prices may drop 15 percent

The representative of the vehicle sector at the Jordanian Free Zones Investors Authority stated that a decrease of approximately 15% in the prices of American cars eligible for exemptions will impact the local market. This decline is the result of tax reductions on vehicles that meet the conditions outlined in the attached agreement, which include manufacturing within the United States and being shipped directly to the Aqaba port, with specific eligibility criteria for the exemption. It is expected that this reduction will increase the share of American cars in the market to between 2% and 5%, with a focus on vehicles costing less than 20,000 dinars, which account for about 80-90% of the demand. The rising prices of cars have affected consumers' purchasing power, as they often rely on financing. Additionally, the number of imported vehicles through the free zone has decreased to around 20,000 vehicles by September, compared to approximately 60,000 annually previously. The decline is expected to continue until the end of the year.

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