Lebanon saw car sales falling 80%, losses in billions: report

Lebanon's car import sector was not spared from the economic crisis, especially after adjusting the customs Dollar from 1,500 LBP to 45,000 LBP.   

Because of the high rise in fuel, coinciding with the crisis of high customs duties, most Lebanese abandoned large cars and replaced them with economic ones.    

According to a report published by Addiyar newspaper, buying a car in Lebanon became impossible for many, especially for employees who still receive their salaries in the national currency who need a minimum of 5 years to be able to buy a car, even if it is small and used.   

In this context, the head of the Syndicate of Car Showroom Owners, Walid Francis, revealed that sales have declined by 80 percent due to the closure of the Car Registration Authority about six months ago, affecting Lebanon's treasury.    

Speaking to the newspaper, he added that the damage is not limited to car showroom owners. Still, this sector is linked to other industries, and 30 percent of the Lebanese people and dozens of Lebanese families whose conditions have been negatively affected by this same sector.   

Regarding prices, Francis stressed that showrooms are crowded with many cars, and he has to wait a year or more for the old vehicles to be sold in order to sell the new ones, as the high customs fees increase vehicle prices between 25 percent and 30 percent.    

He concluded that this would increase the possibility of car showrooms and car companies closing their doors permanently at a time when these companies are strengthening the state treasury.