Importers say the prices of vehicles which increased exponentially in recent months have come down to a certain extent.
Speaking to NewsRadio, President of the Vehicle Importers’ Association of Sri Lanka Indika Sampath Merenchige noted that at present the prices of vehicles have stabilized.
Indika Sampath Merenchige noted prices of vehicles increased following the decision to ban imports and information circulated on social media.
He said even if the ban is lifted, owing to the depreciation of the Rupee and shipping fees, the prices of newly imported vehicles will be nearly 40 to 50 percent high.
Indika Sampath Merenchige noted that due to the foreign reserve crisis, they do not see the ban being lifted any time soon.
He claimed that therefore the current market prices of vehicles are reasonable based on the current trends.
President of the Vehicle Importers’ Association of Sri Lanka Indika Sampath Merenchige stressed however if there are certain proposals tabled through the budget; prices of vehicles could go up once again.
Following the ban imposed on imports, vehicle dealers and private sellers had been quoting massive sums of new and used vehicles which led to the collapse of the market.