Vehicle prices dropping rapidly?

Prices of vehicles are dropping rapidly in the country due to the sharp downfall in demand for vehicles, the Vehicle Importers’ Association of Sri Lanka (VIASL) says.

Speaking to Ada Derana, President of the association, Indika Sampath Merenchige expressed that a situation has emerged where it is impossible to sell expensive vehicles.

“Demand and supply affect all trades within the country. The demand has rapidly decreased as people are not able to afford the prices. As a result, vehicle prices have dropped rapidly”, he mentioned.

The President of the VIASL also pointed out that the prices of vehicles in the price range below Rs. 3 million have not dropped yet, since one can still afford them with the money they own, while those vehicles are currently being traded in the market and the prices are rather stable.

A certain number of vehicles in the range of Rs. 3, 5 and 6 million are currently being sold, whilst it has become impossible to sell vehicles worth more than Rs. 10 million, the president of the association stated further.