New Vehicle prices drop in Sri Lanka amid low demand

Vehicle prices in Sri Lanka have fallen by Rs. 1 million to Rs. 1.5 million in recent weeks, according to the Vehicle Importers’ Association of Lanka. Association President Indika Sampath Merinchige said the drop follows a decline in demand and reduced auction prices in Japan. Vehicles that were previously sold for around Rs. 10 million are now cheaper by about Rs. 500,000, while those in the Rs. 20 million range have dropped by Rs. 1–1.5 million, importers told Newswire. Industry sources say the market has slowed down due to a lack of consumer enthusiasm, higher taxes, and new import registration…

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