Is The Vehicle Market Crashing In Sri Lanka?

[MoneyMaker]

Guys take your jokes else where...

• Forum moderators, a person given special powers to enforce the rules on an Internet forum, newsgroup or blog
  

Moderator do you job right!

[VVTi]

Hey Dumbass, were you raised by your parenst to be such a whiner??? Do you wear girls panties at home? WTF is wrong with you? Why can;t you be a man for a change? None of us give a rats ass about you or your opinions. If you dont like the way the game is played in this play ground, stay at home and play with your dolls.

Stop being such a pansy. There is a singhalese name for people like you.... It starts witrh P, has a O in the mddle and ends with a Y A .

[NZer]

Hey Dumbass, were you raised by your parenst to be such a whiner??? Do you wear girls panties at home? WTF is wrong with you? Why can;t you be a man for a change? None of us give a rats ass about you or your opinions. If you dont like the way the game is played in this play ground, stay at home and play with your dolls.

Stop being such a pansy. There is a singhalese name for people like you.... It starts witrh P, has a O in the mddle and ends with a Y A .

Well said VVTI

[MoneyMaker]

Hey Dumbass, were you raised by your parenst to be such a whiner??? Do you wear girls panties at home? WTF is wrong with you? Why can;t you be a man for a change? None of us give a rats ass about you or your opinions. If you dont like the way the game is played in this play ground, stay at home and play with your dolls.

Stop being such a pansy. There is a singhalese name for people like you.... It starts witrh P, has a O in the mddle and ends with a Y A .

Ask your mother who I am, and she will tell you... Looser!

[VVTi]

I asked, she said that yestrday a retard came and plucked the coconuts off our coconut trees. Said that all he spoke was about the prices of cars in SL. Gave him a plain tea and hulang viskothu and he said Isthuuthi and went away.

Was that you?

[Supra_Natural]

Guys take your jokes else where...

• Forum moderators, a person given special powers to enforce the rules on an Internet forum, newsgroup or blog
  

Moderator do you job right!

I repeat, for the second and last time, it is NOT a good idea to tell us what to do... Our patience is greater than most but it is not limitless.

If you don't like the way things work over here, please hop on that menstrual cycle of yours and peddle over to elakiri or something, okay?

[Gona]

I can't see much difference between the way people behaves here and at Ela#kri.com. Same typical Sri Lankan thinking pattern is observed in both the places. only difference is at Auto Lanka the medium is English.

[VVTi]

Actually it's not. We just switch to ElaKiri mode when such people pop in for a chat... We just direct them to the appropriate forums... politely.

You dont see us arguing about which Sirasa Super Star we would fornicate with, do you? Or shout Maxxa or Ela or what ever it is that that special social group say...

You shouldn't try to live up to your name machang... if you dont like the way we have our BBQs, then I suggest you find another party somewhere else. No pressure.

[Watchman]

I can't see much difference between the way people behaves here and at Ela#kri.com. Same typical Sri Lankan thinking pattern is observed in both the places. only difference is at Auto Lanka the medium is English.

then you might as well stick to elakiri.. why bother coming here to begin with

Edited September 27, 2012 by Watchman

[Gona]

then you might as well stick to elakiri.. why bother coming here to begin with

same behavioral patterns are observed in both the cases but on different subject matters of course

Edited September 27, 2012 by Gona

[VVTi]

We are after all Sri Lankan... how else can we think??? You must be one of those 'Owner Migrating, must sell soon' types...

Once you leave our shores, everything Sri Lankan is looked down upon, right? Even a good thalana batu curry becomes something to spat at... After all, nothing beats a good MigMac burger, neda machang?

Anee palayang Gona yanna....

[GTAm]

Bottom line, the in demand cars that kept going up in price (Corolla et al) keep going up. The ones that didn't (Euros like BM, Audi, Koreans, et al) sink in the short term. 2nd hand.

Seems like a SSDD story, not the kinda thing that needed a new thread to discuss saying car prices are coming down.

It's not as simple as that I think Peri. With the sudden changes downwards and then upwards in duty plus the issuing of various permits, devaluation of the Rupee, credit clamp on lending, increase in interest rates. So many conflicting variables means it's hard to read the market. Cars in some price ranges would have gone up, some ranges stayed put and some have surely come down regardless of brand and models. It is indeed interesting and important for people involved in the market I'd say. If one were to read it wrong it could be the difference between survival and bankruptcy. Perhaps the title of this topic is not correct though.

[MIL]

same behavioral patterns are observed in both the cases but on different subject matters of course

Looks like studying your pet subjects?

[Gona]

Human behavior is always an interesting subject

[The Don]

Guys take your jokes else where...

• Forum moderators, a person given special powers to enforce the rules on an Internet forum, newsgroup or blog
  

Moderator do you job right!

There is nothing wrong with having a sense of humour Plus in this case there is a bit of irony in this topic anyway, because for some it is like predicting the end of the world.

I remember many governments and many ups and downs in the car market. The reasons for the current slump has been eloquently described by GTAm (and thanks for that!). But for most people, this is very much beyond their control and all they can do is have a good laugh about it (it certainly beats crying)

[MoneyMaker]

No buyers, thousands of cars to be re-exported

By Chris Kamalendran

Oct 15, 2012

http://www.infolanka.com/news/IL/dm804.htm

Cash- strapped car importers want to re- export more than 5,000 vehicles in a bid to minimise their losses.

These cars had already arrived or were in ships headed for Colombo when the Government slapped a massive 80 per cent import tax. They paid the duty and cleared the cars but there are few buyers.

Customs Director General Neville Gunewardena said yesterday permission had been granted to re-export these vehicles.

He said only 90 per cent of the duty paid by the importers would be returned on proof that the money spent for imports had been brought back to the country.

Most of the 5,000 vehicles are lying in the port or at showrooms of importers with little or no interest by customers to buy them at higher prices.

On April 1, the Government raised vehicle imports taxes by amounts ranging from Rs. 300,000 to Rs. five million. The move has reduced vehicle imports by more than 50 per cent. The tax on vehicle imports was mainly aimed at curtailing the imports and improving on foreign reserves by preventing the outflow of foreign exchange.

The move to permit re-export of vehicles came after a delegation led by Vehicle Importers' of Association Lanka President Sampath Merenchige met Treasury Secetary P.B. Jayasundara, the Customs chief and Motor Traffic Commissioner General S.H. Harishchandra.

"We are planning to re-export some 5,000 vehicles with immediate effect," the Association's Secretary Keerthi Gunawardena said. He said they were looking at re- exports to Myanmar and other new markets.

Mr. Harishchandra said since April vehicle imports had dropped by about 50 per cent mainly in view of the tax increases.

In March, 4,265 cars were registered with the RMV while in September the number had dropped to 1,332. The number of three- wheelers imported during the same period dropped by more than 5,000 while motorcycle imports dropped from 23,000 to 11,000.

Source: Daily Mirror - Sri Lanka

[charitha19]

We are after all Sri Lankan... how else can we think??? You must be one of those 'Owner Migrating, must sell soon' types...

Once you leave our shores, everything Sri Lankan is looked down upon, right? Even a good thalana batu curry becomes something to spat at... After all, nothing beats a good MigMac burger, neda machang?

Anee palayang Gona yanna....

palayan Gona yanna.. ha ha ha... epic..

[Sylvi]

Members,

Sometimes the post by me below will be categorized as an out of the topic post by me by the moderators. I have to give facts of what I know of the vehicles market as almost all importers user my automobile service which I do at present, for their benefit in S L. Furthermore I wish to state I do not have an intention of advertising my service. I only post my experience with the present situation of vehicle imports to our country.

I do personal visit to almost all big time vehicles importers, small time importers, most expensive new vehicles importers. So I write under with full responsibility and what I know what is happening.

According to my knowledge it is true the Vehicle market has crashed I personally know this matter some big timers who sold average of 100 Japanese cars vans for a month they are selling only 10% from their stocked vehicles. There is a very considerable reduction of Japanese used vehicles to Sri lanka.

Only vehicles which are moving are Chinese commercial vehicles. China too request to open L/C for 150 vehicles at a time because they mostly manufacture LHD Vehicles, If not they say it is not profitable to supply in competitive selling prices.

Out of Cars Indian cars are still moving with considerable reduction due to high duty cost. Mostly are small cars like M****I not any other Indian cars. Nano came to S L market in a very big way with most taxi services introduction of Nano for their services, later they found although the car cost was cheap maintaining them was vey high.

Mostly due to driving habits of our drivers because those cars were given to minimum two drivers for a day.

Some Chinese Vehicles which are imported to this country before delivery in S L have to do a pre delivery inspection complexly which I know have seen by myself the importer may spend minimum of Rupees 25000.00 for said matter with a considerable time with skilled staff.

Reduce manufacturing cost in China manufacture will take lot of minimum requirements’ of very useful like Lubricants to fill only minimum levels, therefore the importer has to inspect all required every important factors of new Commercial for the first 2000 kilometers of running till the vehicle comes back to their workshops for the second inspection again with skilled staff. There again most common problem with Chinese vehicles are inferior quality brake linings.

Have to change the entire set with high quality brake linings. Latest the importer have decided to change the brake liners with new high quality liners.

Sylvi Wijesinghe.

[NPP]

Reduction in sales and a market crash are two different things IMHO.

Have unreg vehicle sales reduced? - Yes

Have the prices of all vehicles come crashing down? No

Whatever said, only those vehicle owners who are desperate to sell their current vehicles or car sales who are on excessive credit will keep reducing the price till they are sold. Other than that, people will hold on to their cars till they get a good price.

Besides, Sylvi, you wouldn't have visited millions of vehicle owners who are selling their cars. I'm sure that the duty increase on cars have encouraged people to look at the 2nd hand market instead of buying brand new or re-con cars, which actually means that the 2nd hand market will thrive.

[kush]

Actually even with the increase in duty the 2nd hand market has not increased significantly. May be the high interest rates and credit squeeze by the finance co./ banks partly to blame.

There are substantial number of un-reg vehicles which were imported with the old duty is still around and number of vehicles which were imported on govt. concession permits are also coming in to the 2^nd hand market as the owners will be eligible for new permits after lapse of 5 year.

IMO 2nd hand vehicle market will be more or less flat if not comedown for the next 1-2 years.

Of course this is on the assumption that the exchange rate and duty will be more or less stable during the period.

Anyone who is looking for a 2^nd hand vehicle this would be the best time to buy. Single owner well maintained Corolla 141, Kia Sportage, Old Montero Sport, Santa Fe, Yaris, Lancers are in the market at unbelievable prices. Prices might even come down further by 2013 when the market get flooded with these vehicles.

[whatever]

I agree with NPP. If any kind of market is crashed, price must be reduced by more than 25% and it must be very hard to find buyers even for the reduced price.

You even can't say it a "correction". Proper term may be "slow down"

[GTAm]

I think it's very likely that some used premium car prices are going to come down drastically with the influx of the BMW 520d becoming such a common sight on our roads. At 10m (permit inclusive) a piece it's a shockingly low price for an E-segment car. A year ago an entry level C-class was a bit higher than that price. E60 5 series, E90 3s, W211 E-class and W204 C-class along with other cars in that price bracket is going to get hit badly.

A bit OT but to be able to offer such a car at 8.250m for permit holders, makes me wonder if they come from here - http://www.thetruthaboutcars.com/2011/11/it%E2%80%99s-starting-bmw-to-export-made-in-china-5-series/

[liya]

Possibly, one factor is that state banks are have greatly restricted giving out purchasing loans, because they have to now fund the (empty) treasury from here onwards. End of the state banks too, the way things are going....

Edited October 17, 2012 by liya

[priyanka]

Possibly, one factor is that state banks are have greatly restricted giving out purchasing loans, because they have to now fund the (empty) treasury from here onwards. End of the state banks too, the way things are going....

according to the today newspapers Unit#d Mot#rs is going to offer the MONTERO for the 25000+5000 permit. and if that is going to happen the prices of all SUVs might go down

[Pericles]

and if that is going to happen the prices of all SUVs might go down

Pigs might fly too, specially if you fling them with a catapult!