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Price of unreg. vehicles increased by Rs. 1 mn, Vehicle importers explain current situation

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Price of unreg. vehicles increased by Rs. 1 mn, Vehicle importers explain current situation

 

The Vehicle Importer’s Association of Sri Lanka claims vehicle importers are in possession of vehicles sufficient only for the next 06 – months.

Vice Secretary to the Association Prasad Kulathunga said following the ban on vehicle imports imposed by the Government from 19 March 2020, there was a shortage of imported vehicles.

As a result, the price of unregistered vehicles increased by Rs. 1 million and the price of registered vehicles too increased as estimated, he said.

Close to 3000- 4000 vehicles were imported once a month in Sri Lanka and vehicle importers were in possession of 10,000- 15,000 vehicles in stocks.

Prasad Kulathunga further said that however, following the import ban imposed by the Government in March, there may be a shortage of vehicles in the local market after the next 06- months.

He said that there was no issue with the Government’s decision to ban vehicle imports, adding that it was essential to introduce a program to import vehicles under such regulations.

The Vehicle Importer’s Association of Sri Lanka’s comments come following the recent statement made by Secretary to the President Dr. P.B. Jayasundera claiming that Sri Lanka is currently in stock of vehicles adequate for over the next two years.

http://www.newswire.lk/2020/08/28/price-of-unreg-vehicles-increased-by-rs-1-mn-vehicle-importers-explain-current-situation/

 

 

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4 hours ago, Skyonline said:

Price of unreg. vehicles increased by Rs. 1 mn, Vehicle importers explain current situation

 

The Vehicle Importer’s Association of Sri Lanka claims vehicle importers are in possession of vehicles sufficient only for the next 06 – months.

Vice Secretary to the Association Prasad Kulathunga said following the ban on vehicle imports imposed by the Government from 19 March 2020, there was a shortage of imported vehicles.

As a result, the price of unregistered vehicles increased by Rs. 1 million and the price of registered vehicles too increased as estimated, he said.

Close to 3000- 4000 vehicles were imported once a month in Sri Lanka and vehicle importers were in possession of 10,000- 15,000 vehicles in stocks.

Prasad Kulathunga further said that however, following the import ban imposed by the Government in March, there may be a shortage of vehicles in the local market after the next 06- months.

He said that there was no issue with the Government’s decision to ban vehicle imports, adding that it was essential to introduce a program to import vehicles under such regulations.

The Vehicle Importer’s Association of Sri Lanka’s comments come following the recent statement made by Secretary to the President Dr. P.B. Jayasundera claiming that Sri Lanka is currently in stock of vehicles adequate for over the next two years.

http://www.newswire.lk/2020/08/28/price-of-unreg-vehicles-increased-by-rs-1-mn-vehicle-importers-explain-current-situation/

 

 

These are the people who roll back odometers and cheat the hard earned money of people. These associations are not talking a word on all irregularities done by themselves. I am happy to see one day, these fellows vanish from the vehicle importation business.....

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Posted (edited)

According to statistics,there are enough vehicles imported for 5 years. These bastards are trying to create panic by increasing prices.Dont fall into that trap. As Vitz mentioned, there are too many importers in Sri Lanka and all are crooks. Hope this business will go bankrupt.

Edited by vag2
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2 hours ago, vitz said:

These are the people who roll back odometers and cheat the hard earned money of people. These associations are not talking a word on all irregularities done by themselves. I am happy to see one day, these fellows vanish from the vehicle importation business.....

Comment of the day ! 👌

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Prices gone up by 1.0mil? Really. I see Toyota Vitz going for 4.5mil registered. Toyota Raize which came in at around 5.8mil now going for 7.2mil.

Don't get me started on the European cars.

A customer had been offered a 318i (2017/8) unreg car for 13.0mil. Week ago they were having trouble selling for 9.5mil. Look at the prices of the GLB, 20.5mil whereas the agents sold for 16/17mil.

It's a joke. This whole thing is a joke. 

Agents don't have vehicles so these guys are playing havoc. Feel sorry for the people who have to buy vehicles at artificially inflated prices.

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Posted (edited)

I think it’s high time Government ban these “Mudalali Jokers” importing vehicles to the country and regulate the industry properly.

Edited by Ruslan

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48 minutes ago, Gummybr said:

Prices gone up by 1.0mil? Really. I see Toyota Vitz going for 4.5mil registered. Toyota Raize which came in at around 5.8mil now going for 7.2mil.

Don't get me started on the European cars.

A customer had been offered a 318i (2017/8) unreg car for 13.0mil. Week ago they were having trouble selling for 9.5mil. Look at the prices of the GLB, 20.5mil whereas the agents sold for 16/17mil.

It's a joke. This whole thing is a joke. 

Agents don't have vehicles so these guys are playing havoc. Feel sorry for the people who have to buy vehicles at artificially inflated prices.

 

23 minutes ago, Ruslan said:

I think it’s high time Government ban these “Mudalali Jokers” importing vehicles to the country and regulate the industry properly.

Sad Situation gentleman.... And I think as dicussed on the odometer rolling back issue: The problem is that the association in charge of regulating the industry is pretty much part of / root of the problem. 

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2 hours ago, Gummybr said:

Prices gone up by 1.0mil? Really. I see Toyota Vitz going for 4.5mil registered. Toyota Raize which came in at around 5.8mil now going for 7.2mil.

Don't get me started on the European cars.

A customer had been offered a 318i (2017/8) unreg car for 13.0mil. Week ago they were having trouble selling for 9.5mil. Look at the prices of the GLB, 20.5mil whereas the agents sold for 16/17mil.

It's a joke. This whole thing is a joke. 

Agents don't have vehicles so these guys are playing havoc. Feel sorry for the people who have to buy vehicles at artificially inflated prices.

As long as there are idiots buying at these prices they will profit.

Anyone buying a GLB most probably will own a vehicle now, it is a matter of hanging on to what you have until the ban is lifted.

If you buy at these prices you will definitely loose big when they start importing and prices fails. 

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I would bus it rather than buy a vehicle now. Use pickme or whatever. Most unreg cars are inflated by 2mil at-least. The euros are overpriced by 5 mil on some cars.

Also the GLB was offered at 12.9M initially at the agent in march. No permit. I asked.

Sad thing is, there are SOO MANY PEOPLE buying cars that are crazy overpriced. I don't know how anybody with hard earned money would pay markups like its nothing.

As they say, a fool and his money are soon parted.

I would advice anybody to stay off the car market till 2021.

 

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Posted (edited)
8 hours ago, GK_007 said:

Comment of the day ! 👌

 

Members,

Yes GK_007 the meter adjusting was in our country for more than 20 years in a big way. Thousands of used vehicles in the past almost 99% of importers did this for their financial gain. Today they are (Importer dealers) are billionaires. All of them are not worried even a total ban of vehicles to our country for few years imposed by the Government. All of them will increase their selling prices as they wish.

I remember very well when the dark era (1962 to 1977) imports of Automobiles as well as other consumer items were restricted how the selling prices of goods were increased. Immediately when past said government imposed the restrictions, cost of Automobiles went up in about 25%. All people who had reserves in their banks and their (PETTAGAMA IN THEIR BED ROOMS) paid advances for vehicles already shipped to our country.

Genuine buyers had to go behind the rich Mudalalies stay out side the house till they come after their morning Breakfast and worship them to give a vehicle what they have reserved. Almost all automobile importers were reputed companies started in Ceylon during the Colonial regime. To my memory we had C/M at Union place importing Peugeot, VW, Wespa Scrooter, Continental motors Skoda, Simcar by Philips, and few others who imported Motor cycles. Wally's imported BMW Motor cycles,

Automobile association at that time had a very effective road petrol service (Break down Vehicle help) had three or four BMW motor cycles in their road petrol service.

I don't think any authority looked into this fraud in the past. Consumer protection authority never looked in to this. This meter adjusting was originally inaugurated by a Computer software developer in the past. He is not in Sri lanka at present, according to what I have heard. Few others found the method (secret) and they are in active practice. Now they are Vehicle importers.

What can the Vehicle buyer do for this fraud. To my knowledge the most affected part in a used vehicle is the engine. Engine can effect if the vehicle had done close to recommended replacement time of the timing belt, not replaced with a good quality replacement. If a meter adjuster had adjusted the meter to read a low mileage, already done in the last used  exported country of a  used vehicle.

Even a used vehicle buyer complain to CPA they will get both parties, always try to settle the matter by exchanging another vehicle get (complainant) the buyer to pay more for a zero millage vehicle, never request to refund the money.

At present there are methods to know the correct mileage done on a vehicle. This system was not available in the past on many vehicles.

All used registered vehicle dealers also do this to vehicles in their show rooms.

I remember some time back this topic of meter adjusting was discussed in AL. I wrote few posts on the above subject.

Sylvester Wijesinghe

Sylvi.

Edited by Sylvi
repeated sentance.

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So pathetic to see how these so called "Car sale owners" are manipulating the prices of vehicles which they have already imported. These crooks try to make super profits by creating rumors in the market. On the other hand, they use their network and contacts to buy used vehicles from private owners and resell at high prices with fat margins.

It's so hilarious to see cars in the likes of Toyota Allions/Premios which are older than 10 years & clocked more than 100k in mileage are being advertised at 05 million or more for sale😁😁

Don't panic right now if you are looking to buy a vehicle & wait patiently till the speculation is over in the coming months. Don't waste your hard earned money at a time when income sources of general public are restricted due to the pandemic. Prices will automatically come down when there's no demand for such high-priced vehicles 👍

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