Prices for new and used gasoline cars in China have slumped after the Iran oil shock cooled demand, further worsening the challenges facing legacy automakers and dealers in the world’s biggest auto market.

A new locally-made Range Rover Evoque L sport utility vehicle was going for as low as 179,800 yuan ($26,580) this month, almost 60% less than the recommended retail price of 429,800 yuan, according to a report by Chinese media outlet Jiemian. The average discount for gasoline cars nearly doubled to 33,000 yuan in the first five months of this year, compared with 17,000 yuan a year earlier, according to analysis by the China Passenger Car Association.