The European car market may be slowly showing signs of stabilising after years of crisis but cut-throat price wars still offer car buyers the chance to snap up a bargain.
When manufacturers lift the wraps on a flurry of new models at the IAA auto show, which opens in Frankfurt Thursday, customers stand to benefit once again as automakers slash prices even further, analysts said.
“With the market still characterised by overcapacity and manufacturers seeking to hold on to market share, there are a lot of discounts which means that mass producers are losing money in Europe,” said Yves Lacroix, analyst at Euler Hermes.
And “with the market still depressed this year, we’re not expecting any easing of the downward pressure in prices,” said a spokeswoman for French maker Renault.
In Europe, French group Citroen, for example, is offering its C1 city car for just 7,990 euros (HK$82,129) after slapping on an “ecological bonus” of 200 euros plus a “green premium” of 3,710 euros if the buyer hands in their old car that is more than eight years old.
US giant Ford is offering a discount of 4,110 euros on its Fiesta model and offering to pay a premium of 1,000 euros to owners who hand in their old car, plus another 1,000 euros if the car is more than 10 years old.