Bílabúð Benna cuts new-car prices by up to ISK 1.5 million

Bílabúð Benna, a car dealership, has cut prices on new KGM and Porsche vehicles by up to ISK 1.5 million, mbl.is reports. The new prices have already taken effect.

Chief executive Benedikt Eyjólfsson told mbl.is the reductions reflect the strengthening of the Icelandic króna and are also a contribution to the fight against inflation. The electric Porsche Cayenne now costs ISK 15.95 million, down from ISK 16.95 million. The seven-seat KGM Rexton Ultimate has fallen from ISK 13.99 million to ISK 12.99 million.

Eyjólfsson urged other businesses to reduce prices in line with the stronger króna. He said companies were quick to raise prices when the exchange rate moved against the króna but reluctant to lower them when it strengthened. He also questioned why supermarkets had frozen prices after the exchange rate improved by 5 to 7 per cent.

The dealership made a similar price reduction last year. Eyjólfsson said it was right to pass on the full benefit of a stronger króna to buyers, and that prices would continue to fall if the currency kept strengthening.

He described the Cayenne’s new price as attractive, noting its WLTP-rated urban range of 808 kilometres, extensive equipment and towing capacity of 3.5 tonnes. He said no other electric car could tow as much.