Drop in sales for luxury cars

Though prices for imported cars have dropped significantly over the past few months, sales for luxury vehicles have remained low.

Very few cars above K20 million have been sold during August, representatives from car trading centers claim.

“People anticipate that the stamp duty for changing ownership may increase from 3 to 6 percent. There are also rumours that civil servants will be given import permits,” U Tun Aye, a car dealer at the Yangon Car Trading Center, said.

“At the moment there are few transactions for luxury cars, even when the prices have been discounted,” he added.

Prices for used imported cars from Japan and high-end cars imported from Europe with prices over K 50 million have seen their prices drop the most. The prices for locally reassembled SKD cars have also dropped, in the range of K2 to K3 million.

“Businesses are not in good shape because of COVID-19, and the car market is ice cold. Adding rumors of civil servants being granted permits, there are only a handful of buyers these days. Cars with 1,300 CC engines which are priced around K 15 to 20 million have been selling, but not as much as the pre-COVID-19 days,” U Nyi Nyi Aung, a car trader from Mandalay, said.

As the taxes for cars have dropped, more people are buying European- and US-made saloon cars.

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Source : Myanmar Times

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