Vehicle Trade Increased in Armenia

According to the newspaper 'Zhoghovurd', during the period from January to October this year, the volume of vehicle trade in Armenia reached 88 billion 147 million drams. The newspaper learned from the Statistical Committee of the Republic of Armenia that compared to the same period last year, this figure has increased by 9.7 percent, indicating that vehicle trade in our country has become more active.

Not only has the trade become more active, but vehicle prices have also risen. Due to the COVID-19 pandemic, automobile manufacturing companies around the world have faced challenges and have reduced production, resulting in the sale of vehicles that were imported years ago at high prices in the local market. For example, the majority of our compatriots used to import vehicles from the USA, primarily damaged ones, while American citizens purchased new models directly from dealerships. However, the situation has now changed. U.S. citizens are now being told in showrooms that they need to wait several months for a new vehicle. To avoid this lengthy wait, they are forced to repair and continue using their damaged cars.

It should be recalled that in 2020, when certain restrictions were imposed in Armenia due to COVID-19, vehicle prices fell by 50 percent as people lacked funds and were forced to sell their $10,000 vehicles for just $4,000.