New vehicle imports will cost 60%-70% more than pre-pandemic prices

Vehicle importers highlight that a vehicle imported in the current market condition will cost consumers 60 to 70 percent more than the pre-pandemic prices.

According to the Vehicle Importers Association of Sri Lanka (VIASL) four main factors have contributed to the price hike.

The first is the high exchange rates where almost all currencies have appreciated against the Sri Lankan rupee.

The second is the increase in global car prices where an expansion of about 30 percent is observed according to the VIASL.

The thirst is the freight and shipping charges increasing by 4 folds after the pandemic, whereas the fourth is the majority of the vehicles being cleared without the luxury tax that was implemented in the latter stages of 2019.

“The newly implemented luxury tax is a considerable amount and will definitely increase the price of vehicles,” the VIASL said in a statement today.