More Hungarians try to sell their vehicles with loan attached
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.