News
Used vehicle prices slide
View(s):By Sohan Vipulananda
High interest rates, record levels of inflation and a number of other factors, including the fuel scarcity, have helped to drive down prices of used motor vehicles.
The Honda Vezel 2015 model, which was Rs 9 million last month, was selling at Rs 7.5 million this month, while the 2017 Toyota Vitz, which was Rs 7.2 million has dropped to Rs 6.5 million. The 2008 Toyota Allion was selling for nearly Rs 7.5 million, but is now about Rs 6 million.
Pic by M. A. Pushpakumara
Charaka Perera, chairman of the Ceylon Motor Traders Association, said prices of vehicles had increased earlier once imports were halted in March, 2020.
A motorbike which was selling for Rs 300,000, cost Rs 600,000. A motorbike owner who bought his ride for Rs. 300,000 would sell it for Rs. 500,000.
Used cars became more expensive, too. The demand for such vehicles increased in the wake of the import suspension in 2020.
“Due to the forex shortage we do not expect the import ban will be lifted in the near future,” Mr. Perera said. Imports may be possible in mid 2023 after the IMF releases assistance to Sri Lanka.
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