Crisis or Not, Hungarians Have Bought More Luxury Cars

The domestic market differs from the global one: while 18,355 new premium cars were sold in Hungary in 2022, an increase of 10.7% compared to the previous year, worldwide luxury car sales decreased by a few per cent.

"The premium category is less price-sensitive, and purchasing power in this segment declines much later," executive chairman of the Hungarian Association of Motor Vehicle Importers (MGE), István Knezsik, told the business daily Világgazdaság in response to the fact that, according to Datahouse, Mercedes-Benz closed 2022 with 5,516 registered passenger cars sold in Hungary. This is the highest number of units ever, so it can be said that last year was the most successful year in the history of the Stuttgart brand in Hungary.

Despite the difficulties facing the automotive industry globally – including shortages of raw materials, transport and logistics difficulties, rising inflation and rising energy prices – Mercedes-Benz has maintained its leading position in the premium segment in Hungary for the seventh year running. Knezsik believes that those who can afford a luxury vehicle will continue to afford and maintain it in the future.

"Over the past year we have seen incredible prices in the used car market. Nobody knows when this will change," the MGE chief said, pointing to one of the fundamental problems, adding that a decline is not expected this year, but that the steady growth is likely to stop.

As István Knezsik put it, “supply chains have more or less recovered, so more brands have cars in stock. There is also a readiness to deliver, which means that you no longer have to wait years for a car. A supply market is beginning to emerge.”