Car prices drop in Sri Lanka as importers slash rates amid weak demand

Sri Lanka
By Editor_1
A customer uses his mobile phone at a car showroom in Colombo October 9, 2015. Prices of unregistered vehicles in Sri Lanka have begun to fall sharply as importers engage in forced sales to clear stock -Dinuka Liyanawatte/ REUTERS/File

COLOMBO – Prices of unregistered vehicles in Sri Lanka have begun to fall sharply as importers engage in forced sales to clear stock, according to Vehicle Importers Association of Lanka (VIAL) President Indika Sampath Merinchige, who said even second-hand car prices are now under pressure.

Merinchige said the price correction follows the resumption of vehicle imports in February 2025, ending a nearly five-year import suspension imposed in 2020 after the previous administration restricted imports to conserve foreign exchange during the country’s worst currency crisis.

“When imports were reopened, the auction prices of reconditioned cars in Japan, especially those under three years old, had already surged due to Sri Lankan demand,” Merinchige told a local English-language daily, adding, “We requested that the government allow imports of vehicles up to five years old, because newer cars were limited and expensive. But that request wasn’t accepted.”

As a result, many importers paid inflated auction prices, with even first-time traders entering the market amid high demand. However, that pent-up demand has now faded, he said.

The situation has been compounded by a finance ministry tax on unsold, unregistered vehicles, which importers had kept idle for long periods, expecting prices to rise further. “Initially, prices of used registered cars didn’t fall,” Merinchige said. “But now they are also coming down. That’s closer to the correct market price, but it’s also slowing sales, as people hesitate to sell their old vehicles to buy new ones.”

Importers are now struggling with slow sales, bank loan repayments, and a three-month penalty for holding unsold stock, prompting them to sell at a loss to reduce inventory.

With Japanese auction prices also declining, analysts say new imports can now be brought in at a lower cost. “Japanese vehicle prices have dropped by about Rs 1 million to Rs. 1.5 million,” Merinchige said.

According to market data, prices of popular models have dropped noticeably, with a Honda Vezel Z Play 2025 SUV being sold from Rs 23.5 million, down from Rs 25.5 million; Toyota Yaris being priced at Rs 10.5 million, down from Rs 11.5 million; Suzuki Alto Hybrid and Suzuki Wagon R priced at Rs 7.3 million, down from Rs.7.9 million and Rs 7.8 million respectively.

Merinchige said the market was beginning to self-correct through supply and demand dynamics, noting that a period of overpricing and speculation was now giving way to more sustainable pricing levels.

-ENCL

Editor_1
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