Basic and old car models cost almost twice more than the average yearly income of people in Sri Lanka. Due to a lack of options and the hold on new model imports, used cars are in high demand.
Regardless of the type and condition of the used car, buyers in Sri Lanka may expect to pay substantially more than buyers anywhere else in the world. Because the country is on the brink of bankruptcy and has high inflation, the government has banned all non-essential imports to save its dollar reserves.
Used cars are now one of the few viable options for Sri Lankans seeking personal transportation. With such high demand, prices have increased, with some models costing more than a house in a prime location in the country.
Selling of compact and basic sedans are increasing, despite a sticker price considered insanely high in other parts of the world. The asking price is much greater for the limited option of feature-rich used cars.
According to the report, both demand and prices have risen recently. If you bought a car in early 2021, it might now be an excellent investment considering resale value.
Sri Lanka's car industry is almost non-existent; therefore, buyers have always relied on imports. Due to the country's present economic crisis; therefore, the limited supply of used vehicles may continue to cost a high premium.
