7 New Decisions That Are Affecting Your Car Prices
As per the new laws stipulated by the CPA, dealerships now have to uphold these new rules within the next 20 working days or be liable to a EGP one million fine.
The Consumer Protection Agency has issued seven new decisions regarding car prices, obligating dealerships and suppliers to be upfront about their price points and cap their prices off before the law takes effect. The new decisions issued by the agency aim to end the over-pricing phenomenon happening in the vehicle market, which has previously led Egyptian buyers to go on strike. As per the new laws stipulated by the CPA, dealerships now have to uphold these new rules within the next 20 working days or be liable to a EGP one million fine.
The new rules are as follows: Car dealerships and suppliers must set a final selling price. The selling price must be declared in an invoice issued to the CPA. A dealership cannot sell at a price higher than the one specified to the CPA. Consumers will be able to contact the Consumer Protection Agency of any price change. The dealership or supplier must assume legal responsibility for the selling price they’ve determined. These laws must be implemented within 20 days, or else the violator is liable to a fine of up to EGP 1 million.