Best Car Under 6 Million in Sri Lanka: Is it Worth Buying Now?

[Info seeker]

Hey, everyone!

I'm in a bit of a car dilemma and could really use your expertise. I've got a budget of around 5.5 million LKR, and I'm looking to get a used set of wheels. There are so many options out there, and I'd love to hear your recommendations on the best cars available within this budget.

 

But here's the twist – as we all know, Sri Lanka is currently facing a challenging economic crisis, leading to soaring market prices. So, I'm wondering, is this actually a good time to invest in a car? Are the prices inflated to the point where it's better to hold off for now, or is there still value in making a purchase?

 

I'm eager to hear your thoughts and experiences. Your advice could make a huge difference in helping me make the right decision. Thanks in advance!

Edited September 4, 2023 by Info seeker

[iRage]

Welcome to the AL forums...

Quick question...do you already own a car?

 

 

 

18 hours ago, Info seeker said:

Hey, everyone!

I'm in a bit of a car dilemma and could really use your expertise. I've got a budget of around 55 million LKR, and I'm looking to get a used set of wheels. There are so many options out there, and I'd love to hear your recommendations on the best cars available within this budget.

 

But here's the twist – as we all know, Sri Lanka is currently facing a challenging economic crisis, leading to soaring market prices. So, I'm wondering, is this actually a good time to invest in a car? Are the prices inflated to the point where it's better to hold off for now, or is there still value in making a purchase?

 

I'm eager to hear your thoughts and experiences. Your advice could make a huge difference in helping me make the right decision. Thanks in advance!

 

[kush]

Man Rs. 55 Mn. is lot of money for a car even now

As you mentioned is it a good time to invest in a car? I don't think car at that price could be considered an investment.

At your budget you can get a good Merc or a Rang Rover

What is your preference Car/ Suv/ Coupe/ Hot hatch

High end market has crashed due to economic issues and there are good bargains if you look around and prepare to wait.

Is is Rs. 55 Mn. or Rs. 5.5 Mn.

Edited September 4, 2023 by kush

[Info seeker]

On 9/2/2023 at 4:17 PM, iRage said:

Welcome to the AL forums...

Quick question...do you already own a 

3 hours ago, kush said:

Man Rs. 55 Mn. is lot of money for a car even now

As you mentioned is it a good time to invest in a car? I don't think car at that price could be considered an investment.

At your budget you can get a good Merc or a Rang Rover

What is your preference Car/ Suv/ Coupe/ Hot hatch

High end market has crashed due to economic issues and there are good bargains if you look around and prepare to wait.

Is is Rs. 55 Mn. or Rs. 5.5 Mn.

 

On 9/2/2023 at 4:17 PM, iRage said:

Welcome to the AL forums...

Quick question...do you already own a car?

 

 

 

 

Yes, I currently own a Mitsubishi Lancer CS1. I'm considering acquiring another one with the intention of selling it in 2 or 3 months. This way, when my son-in-law arrives, I can temporarily lend him my car.

 

[Info seeker]

3 hours ago, kush said:

Man Rs. 55 Mn. is lot of money for a car even now

As you mentioned is it a good time to invest in a car? I don't think car at that price could be considered an investment.

At your budget you can get a good Merc or a Rang Rover

What is your preference Car/ Suv/ Coupe/ Hot hatch

High end market has crashed due to economic issues and there are good bargains if you look around and prepare to wait.

Is is Rs. 55 Mn. or Rs. 5.5 Mn.

Apologies for the oversight; the correct figure is 5.5 million. Considering this revised amount, I believe it might not be a sound investment on 55 million anyway. Have you considered exploring options in the range of 6 million?

[iRage]

21 hours ago, Info seeker said:

Yes, I currently own a Mitsubishi Lancer CS1. I'm considering acquiring another one with the intention of selling it in 2 or 3 months. This way, when my son-in-law arrives, I can temporarily lend him my car.

I see....if you are planning to sell it back in 2 to 3 months, it is quite risky. For starters you have no idea what the market will be like (so you might take a huge hit on the price). Secondly, the short turn-around/ownership period might actually be a turn off. Thirdly, you always run the risk of the car having issues and ending up in the garage most of that 2-3 months. So either way you might not be using the car enough to justify the depreciation. So is it a good idea to buy a car just for 2-3 months use ? Logic would suggest no. However, you never know...you might actually get a decent deal and the whole thing might work out.

As for prices being inflated...yes..but also no. I feel there are a lot of cars with inflated asking prices (especially those being offered through brokers). But then again there are also a lot of cars that actually get sold for reasonable prices or even below by individuals (sometimes people who are in a rush to migrate sell their cars for pretty decent prices). So again, its more or less a luck-of-the-draw sort of thing.

So...stay away from brokers. Their cars are utter ***t and 90% of them are liars.

Stay away from Toyotas. Most of the common models are inflated beyond belief and/or hacked to death.

I would suggest you look for cars like a Lancer CS, Mazda Axela or even a Civic FD of the same era. You are more likely to find a decent condition car with these models. You might even find one that has been taken care of by the agent from day 1. Granted a good specimen will be towards the upper end of your budget or even beyond. Hopefully you can negotiate on the price. Remember, if your budget is 5.5mil in total, then the purchase price of the car should be about 2-4 lakhs under that as you will need that amount to sort out any issues and do some pre-emptive servicing.