The number of Hungarians offering their cars, together with the outstanding credit used to purchase them, on the country’s biggest used car website has climbed over 1,700 from less than 150 a year ago, business daily Világgazdaság said on Thursday.
The average price for such vehicles has plunged to HUF 1.6 million from HUF 3 million, the daily newspaper said.
About 85% of car loans in Hungary were denominated in foreign currency until the end of 2008, Hungarian leasing association chief Gábor Lévai told the paper. Because of the weakening of the forint, the principal borrowers owe on these loans could now be higher than the market value of the vehicles, he added.
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