Sri Lanka’s five-year vehicle import ban was officially lifted yesterday, but the long-awaited return of new cars has come with a shocking reality—sky-high prices.
Following the government’s latest tax revisions, vehicle importers have finalized their prices, revealing massive increases due to added surcharges and a 30% hike in CIF (Cost, Insurance, and Freight) value applied to customs duty.
Here’s a look at the estimated new car prices:
• Suzuki Wagon R – Rs. 7 million
• Maruti Suzuki Alto – Rs. 5 million
• Honda Vezel – Rs. 18.2 million
• Toyota Aqua – Rs. 16.8 million
• Toyota Hilux – Rs. 21 million
• Nissan X-Trail – Rs. 26.8 million To make matters worse, the luxury tax has increased from Rs. 3.5 million to Rs. 5 million, further pushing prices beyond reach for many buyers.
With even entry-level cars priced at millions, is car ownership slipping away from Sri Lanka’s middle class?
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