Sri Lanka’s used car registrations record a new high
View(s):Sri Lanka’s second-hand car registrations recorded a new high in January mainly due to imports of used hybrids, although higher import duties in the government’s interim budget on hybrids could bring down car imports in the months to come, motor traders said.
President – Ceylon Motor Traders Association Gihan Pilapitiya told the Business Times that 90 per cent of car imports during this period were hybrids even though the excise duty on hybrid vehicles rose to 80 per cent from 50 per cent.
The price of a Prius car would go up by Rs. 975, 000, Axio by Rs. 725, 000 and Honda Fit by Rs. 700,000 because of the new taxation.
He said that used hybrid cars were flooding the market during the past six months at an average of 900 units per month.
According to Motor Traffic Department (MTD) data, brand new vehicle registrations have also increased considerably and small cars like Indian-made Marutis are likely to increase with the tax reduction granted in the January 29 budget.
The MTD data revealed that in the motor car segment total registrations in January 2015 have risen to 6,663 units, from 5,922 units in December and 2,402 units in January 2014.
“Hybrid vehicle registrations were 4,299 units in January 2015 compared to 3,649 units in December and 915 units in January 2014,” data showed.
Maruti car registrations were 1,361 units in January 2015, up from 1,100 units in December 2014, as a result of duty reductions in the previous 2015 budget.
Sri Lanka’s vehicle registrations have risen to 49,545 in January 2015 from 28,131 a year earlier, MTD data showed. Motor car registrations were up 63.95 per cent to 6.663 units from 2,402 a year earlier, with hybrids continuing to lead while motor cycle sales were up along with three wheelers and many commercial vehicle categories were on the rise.
Three wheeler sales were up 28.81 per cent to 8,350 units in January 2015 from 5,944 a year earlier.
Motor cycle registrations were up 44.79 per cent to 30,011 in the same period from 16,569 in January 2014. The financing component of motor cycles has also gone up last year, MTD officials disclosed.