Car prices in Saudi Arabia increased by 1 percent during the past year, as their price index reached 108.4 points in December of 2021, compared to 107.3 points in the same month of 2020.
According to the analysis of the reports unit in the newspaper “Al-Eqtisadiah” that was based on official data and the Saudi Central Bank “Sama”, the rise in car prices during the past year is the third in a row, as their prices rose 0.04 percent in 2019.
Its price index was 97.8 points in December 2018, while it rose to 97.9 points in December 2019, and then rose 9.6 percent in 2020.
The rise in car prices came in line with the inflation rate, which measures the prices of goods and services in the country, which recorded 1.2 percent in December 2020.
The car price index had declined for three years in a row before rising in the last three years, as it fell by 4.5 percent in 2016, then 2.6 percent in 2017, and 0.5 percent in 2018.
Saudi Arabia allowed women to drive cars starting in mid-2018, which may be the reason for the increase in demand during the last three years.
In a related context, financing of car imports through commercial banks rose 10.3 percent during the first 11 months of the year to reach 26.25 billion riyals, compared to 23.81 billion riyals in the same period of 2020.
Financing rose by 2.8 percent to reach 26.2 billion riyals in 2020, compared to 25.4 billion riyals in 2019.
This indicates the rise in car imports financing in 2021 for the third year in a row, as it had risen in 2019 by 28.7 percent, compared to 19.8 billion riyals in 2018.
The financing of car imports declined before the last three years for three years in a row, as it declined 35.1 percent in 2016 to reach 34.8 billion riyals, then 26.1 percent to reach 25.7 billion riyals in 2017, and fell by 23.1 percent in 2018 to reach 19.8 billion riyals.
Economic Reporting Unit
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