YEREVAN. – The main reason for such a sharp decline in car sales in Armenia is the decline in remittances to the country from Russia.

Samvel Avetisyan, commercial director at Euromotors company in Armenia, told the aforementioned to Armenian News-NEWS.am.

Moreover, as per Avetisyan, in case when most car buyers in Armenia used to purchase automobiles that cost up to $10 thousand, now they opt for a maximum of $8 thousand.

He added, however, that the cheapest models in the local car dealers start from the $10-thousand range.

Samvel Avetisyan stressed that the reasons for such a sharp decline in car sales in Armenia are connected with Russia. First, the decline in remittances from this country. Second, when Armenia joined the Eurasian Economic Union (EAEU)—which also comprises Russia, Belarus, Kazakhstan, and Kyrgyzstan—, it became more profitable to import cars from there.

And that is why much more cars were imported to Armenia from Russian than from Europe, since customs duties on cars are still in force for countries outside the EAEU plus they are included in the price of the car.

Car prices have fallen in Russia.

“Our market is firmly connected with what is happening in Russia,” added Samvel Avetisyan.