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Booming
vehicle prices to zoom The Central Bank regulation that has come into immediate effect would force the importer to make a deposit of the value of the import at the time of the opening of the LC, instead of the previous system where the Bank provides a guarantee and the payments are made later. Car prices which has shot by an average of 50 percent since last week following a government decision to impose a new tax structure are set to further increase with the new decision, car importer Ashok Ganwani said. Berty Vidanagamage, Past President of the Vehicle Importers Association, said that as almost all importers used the LC facility, the cost of funds of an importer would increase and many who did not have the financial ground would find it impossible to operate. He said vehicle importers believe there was little purpose in making appeals to the government regarding recent regulations and the importers were now considering legal action. The Central Bank on Friday said it was imposing the regulation in a bid to reduce the vehicle imports to the country and also reduce the pressure on the exchange rate and international reserves. Some new prices of unregistered reconditioned vehicles are as follows. Nissan Sunny which was earlier around Rs. 1.6 million has shot up by another Rs. 350,000. The price of a Mazda Familia car has increased from Rs. 1.4 million to Rs. 1.7 million. The Nissan Xtrail is up from Rs. 2.8 million to Rs. 4.1 million while the price of a Toyota Corolla has increased from Rs. 2 million to Rs. 2.45 million and Toyota Corona from Rs. 2.9 million to Rs. 3.9 million. Suzuki Jeep price has shot up from Rs. 2.9 to 3.9 million. The price of Nissan March is up by Rs. 125,000 from the earlier price of Rs. 1.5 million. A Honda City now costs the customer Rs. 1.63 million up by Rs. 245,000. Primera has increased from Rs. 2.4 million to Rs. 3.25 million. A Station Wagon which cost Rs. 1.25 million is up by Rs. 370,000. |
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