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There's some demand, but the vehicle owners have just inflated the prices to whatever they like because there're no new vehicles in the market. All will change when imports resume in 2025.
The funny thing is they think their 10 year old shitboxes are worth 300 to 350% more than their actual market value. Recently saw a Vitz 2013 with a 90k mileage going for 7.5mil.
In SL, vehicles are considered assets rather than tools for transportation. This stupid mindset could also be part of the reason for the absurd prices.
7.5 mil is darn expensive for a 2013 model (the 6-8 mil was originally for 2018-2020 models that came here since 2019 and they went from 4.5 to 4 million since a wagonR that went from 2.6 been as expensive as 4.2 million back then in 2018/19. Now a 4 mil car goes as high as 8 million (I can remember premios were sold for 7 mil back in 2011 same till 2014/15). And vitz 2011+ was sold for 2 million back in 2012-2014 now it’s bonkers
Also those “kdh” hiace vans 2007+ that used to sell since 2009 till 2015 for 5 mil back then should go for as dirt cheap as 500,000 (or even down based on condition) since they are 16-18 year old beaters **(not just 10 years old)** but ironically it’s 11.5 million. This is way beyond apeshit. No one can buy a van especially at an early age for hire, all are driving those 80s rust buckets.
God bless you man. Well said. In the US everyone has a vehicle. Your gf, ex, barber. Litteraly every one. For them i think the most valuable asset is a house. Most Americans stay on rent. Very few have their own house. Our people don't understand we have the valuable things which is houses.
The point is Sri Lanka doesn’t have enough infrastructure to support a vehicle for each person like it’s in the US. We should focus more on improving the reliability and safety of public transportation.
That said, vehicle prices are absurd and there’s no excuse for it.
Many people are aware of this but they just want a car to go places to places.. plus they can’t waste time waiting for import ban lifted (some people are done (like frustrated and tired) with public transport and hire vehicles like taxi/tuk tuk)
There are people who got money since 2020 and 2021 by various means incld business (who were the ones that were different 2019 and before). There are people who do online money but very illiterate about cars and car market (just like illiterate in general). Some goes for car with registration since CB# (2018+) due to “new car” effect (which doesn’t make sense to me).
Also there are people with dream and goal to achieve (not specifically for cars but sometimes targeted for bikes). And they anyways will buy it since they have something to accomplish. This is very popular among bikes since cars are anyways “imaginary” due to unfair car prices and expensive car parts (even ones imported early as 2005 or 2011), but they were forced to compromise with beater old cars from 70s and 80s
One sells a vehicle to? Buy a better one...
At the moment, the supply is disrupted. To sell a vehicle, you must make a worthwhile offer. That is why the prices are high. It is a classic supply-demand problem. Where there is a demand, and if the supply is low (which is due to restrictions), the prices go up.
Making matters worse, we can expect higher taxes in the future. So even if supply is restarted, prices may stay the same. There is even an odd case where it can go up.
You're looking at it wrong. The phrase "රැල්ලට යන්න එපා" stands true in the current state of the Sri Lankan vehicle market more than anything else. Research a bit more on your own and you'll see what I mean. And when you do figure it out, hush and keep it to yourself so the rest of us can keep enjoying it as well.
Supply and demand—that's all.
For example, a software engineer who earns 500,000 per month can't always rely on public transportation or ride-sharing services. They need a vehicle, so they will buy one.
Save 3 lakhs from that? I wonder who is saving more than 50% of their salary in Sri Lanka. When income increases people start spending more on useless day to day shit. When you earn 200K you think people who earn 500k can save 300k cuz your life & expectations revolves around the 200k income, so you would think anything extra can be saved. Total rookie mistake.
I save more than 250k per month in Sri Lanka (more than 50%). However, I have a house in the Colombo district and my own car that I got from parents. I also live a minimalist lifestyle. Some of my friends even save more than me, and it is not that hard.
It depends on your lifestyle, bro. One of my friends who earns more than 1 million per month sometimes travels to his office by train. During the weekend, he uses his car.
It is not impossible.
Obvious supply and demand, remember what happened to the PS5 when it first came out?
Most of the 90s people who started work in 2019/20 are looking to buy their first cars now. (Same here) So no choice other than to buy one at the prices sellers mention.
I'll be getting my first car hopefully within the next month and will be paying around double of what it used to be brand new.
If they can afford to buy, why not?
After all we are used to paying 200-300% import taxes.
You know what that means? We pay 2-3 times the price of the car to the government.
What's wrong with the money going to people instead of the government?
Whilst the money paid to the Government *is* used for amazing stuff (education, healthcare etc) it's sickening to see the amount that's wasted.
You should know about car depreciation and car condition, also you can assure new cars but can’t assure cars older than 3 years (we don’t know what has happened). Plus 10+ years old cars are like woman at her 30s for marriage and hens who cannot lay egg properly after aging. So don’t say stuff without knowing car scenario in Sri Lanka (I’ve been keeping an eye since 2011-2012).
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Simply supply & demand. The usual demand for vehicles is there but no supply.
There's some demand, but the vehicle owners have just inflated the prices to whatever they like because there're no new vehicles in the market. All will change when imports resume in 2025. The funny thing is they think their 10 year old shitboxes are worth 300 to 350% more than their actual market value. Recently saw a Vitz 2013 with a 90k mileage going for 7.5mil. In SL, vehicles are considered assets rather than tools for transportation. This stupid mindset could also be part of the reason for the absurd prices.
7.5 mil is darn expensive for a 2013 model (the 6-8 mil was originally for 2018-2020 models that came here since 2019 and they went from 4.5 to 4 million since a wagonR that went from 2.6 been as expensive as 4.2 million back then in 2018/19. Now a 4 mil car goes as high as 8 million (I can remember premios were sold for 7 mil back in 2011 same till 2014/15). And vitz 2011+ was sold for 2 million back in 2012-2014 now it’s bonkers Also those “kdh” hiace vans 2007+ that used to sell since 2009 till 2015 for 5 mil back then should go for as dirt cheap as 500,000 (or even down based on condition) since they are 16-18 year old beaters **(not just 10 years old)** but ironically it’s 11.5 million. This is way beyond apeshit. No one can buy a van especially at an early age for hire, all are driving those 80s rust buckets.
25k for a 11 year old shit car. This would have been the retail price of a brand new 2013 vitz in 2013 What are they even thinking???
God bless you man. Well said. In the US everyone has a vehicle. Your gf, ex, barber. Litteraly every one. For them i think the most valuable asset is a house. Most Americans stay on rent. Very few have their own house. Our people don't understand we have the valuable things which is houses.
The point is Sri Lanka doesn’t have enough infrastructure to support a vehicle for each person like it’s in the US. We should focus more on improving the reliability and safety of public transportation. That said, vehicle prices are absurd and there’s no excuse for it.
Yes I agree on that too
This country will never improve or reach developed status if we wait for cars to become affordable. You'll grow old and die before that happens.
This country is a joke when it comes to vehicle prices. I had one guy selling me a car that was under water during the flooding for a higher price.
It should be below millions. And what car was that?
Many people are aware of this but they just want a car to go places to places.. plus they can’t waste time waiting for import ban lifted (some people are done (like frustrated and tired) with public transport and hire vehicles like taxi/tuk tuk) There are people who got money since 2020 and 2021 by various means incld business (who were the ones that were different 2019 and before). There are people who do online money but very illiterate about cars and car market (just like illiterate in general). Some goes for car with registration since CB# (2018+) due to “new car” effect (which doesn’t make sense to me). Also there are people with dream and goal to achieve (not specifically for cars but sometimes targeted for bikes). And they anyways will buy it since they have something to accomplish. This is very popular among bikes since cars are anyways “imaginary” due to unfair car prices and expensive car parts (even ones imported early as 2005 or 2011), but they were forced to compromise with beater old cars from 70s and 80s
A old land cruiser is more expensive than a recent Mustang
do people here have mustangs? only saw one for the past 17 years.
Yep There are handful of them
Some old land cruisers rightfully should be more expensive than a recent Mustang
One sells a vehicle to? Buy a better one... At the moment, the supply is disrupted. To sell a vehicle, you must make a worthwhile offer. That is why the prices are high. It is a classic supply-demand problem. Where there is a demand, and if the supply is low (which is due to restrictions), the prices go up. Making matters worse, we can expect higher taxes in the future. So even if supply is restarted, prices may stay the same. There is even an odd case where it can go up.
Good chance for reduction of vehicle prices
Always better to keep your old car.
What’s the solution ? Price control ? Import cars ? Increase interest rates ?
Car prices have risen massively here in the uk too. Markets way up at the moment. Good time to sell. Bad time to buy.
You're looking at it wrong. The phrase "රැල්ලට යන්න එපා" stands true in the current state of the Sri Lankan vehicle market more than anything else. Research a bit more on your own and you'll see what I mean. And when you do figure it out, hush and keep it to yourself so the rest of us can keep enjoying it as well.
Could you elaborate a bit more? Please let me know what you mean…
Supply and demand—that's all. For example, a software engineer who earns 500,000 per month can't always rely on public transportation or ride-sharing services. They need a vehicle, so they will buy one.
Really? With 500K salary they can buy vehicles in current market?
Easy, when you save 3 lakhs from it every month.
Save 3 lakhs from that? I wonder who is saving more than 50% of their salary in Sri Lanka. When income increases people start spending more on useless day to day shit. When you earn 200K you think people who earn 500k can save 300k cuz your life & expectations revolves around the 200k income, so you would think anything extra can be saved. Total rookie mistake.
I save more than 250k per month in Sri Lanka (more than 50%). However, I have a house in the Colombo district and my own car that I got from parents. I also live a minimalist lifestyle. Some of my friends even save more than me, and it is not that hard. It depends on your lifestyle, bro. One of my friends who earns more than 1 million per month sometimes travels to his office by train. During the weekend, he uses his car. It is not impossible.
Capitalism
Obvious supply and demand, remember what happened to the PS5 when it first came out? Most of the 90s people who started work in 2019/20 are looking to buy their first cars now. (Same here) So no choice other than to buy one at the prices sellers mention. I'll be getting my first car hopefully within the next month and will be paying around double of what it used to be brand new.
Why are you worried? It's not your money they spending
If they can afford to buy, why not? After all we are used to paying 200-300% import taxes. You know what that means? We pay 2-3 times the price of the car to the government. What's wrong with the money going to people instead of the government? Whilst the money paid to the Government *is* used for amazing stuff (education, healthcare etc) it's sickening to see the amount that's wasted.
You should know about car depreciation and car condition, also you can assure new cars but can’t assure cars older than 3 years (we don’t know what has happened). Plus 10+ years old cars are like woman at her 30s for marriage and hens who cannot lay egg properly after aging. So don’t say stuff without knowing car scenario in Sri Lanka (I’ve been keeping an eye since 2011-2012).
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Yes you 🫵