Wednesday 3 March 2021

Costa Rica Vehicles Imports Continues Strong Growth

QCOSTARICA – The import of vehicles in Costa Rica continues to grow significantly. In the first five months of the year a total of 67.992 vehicles, the majority new, were added to the number of vehicles circulating our collapsed roads network.

full-traffic-jam-at-night2
Traffic chaos in the Central Valley is no around the clock: morning, day, night and weekends. Photo from Govisitcostarica.com

Cheap(er) gasoline, which implies an increase in purchasing power and lower prices, a stable exchange rate and accessible credit, are the factors promoting a surge in vehicle ownership in the country.

- Advertisement -

Of the almost 68.000 vehicles arriving between January and May of this year, 32.000 were motorcycles. Of the total, 72% of the vehicle imports were new.

Tourist Tips: Avoid Costa Rica Traffic Jams from Javi the Frog!

According to numbers provided by the Ministerio de Hacienda (Tax Department), of the 35.690 autos entering the country between January and May, 25.822 were new (21.321 autos and 4.501 trucks) and 9.868 used (8.966 autos and 902 trucks). Of the 32.308 motorcycles, 31.839 were new and 469 used.

Infographic by La Nacion. Source Ministerio de Hacienda (Tax Department
Infographic by La Nacion. Source Ministerio de Hacienda (Tax Department

- Advertisement -

“Demand for new cars has been steady and is benefited by attractive bank loans,”  Allan Sime, marketing director of Purdy Motor Costa Rica (exclusive Toyota dealer in Costa Rica), explained during the last Expomovil.

“The health of the US economy, interest rates, a good economic climate in the country and the relatively stable fuel prices are, among others, some of the factors that favour the purchases,” said Erick Xirinachs, regional marketing director of Grupo Q, the Hyundai dealer in the country.

The increase in vehicle imports is also good for the government coffers. Tax revenues from the imports include import taxes (duties), sales tax (13% applied to the retail price), higher Marchamo (circulating permit that includes property tax on vehicles) based on the tax value, and tax on fuel (some 50% of the price of fuel at the pumps is taxes).

The official Costa Rica tourism website has tips for tourists to avoid traffic congestion.
The official Costa Rica tourism website has tips for tourists to avoid traffic congestion. Click here.

“Obviously everything that means that the (tax) collection grows, it will not be frowned upon by us (…),” said the Vice Minister of Finance, Fernando Rodriguez.

For the tax collectors, the revenue from the imported vehicles for the first five months of the year was ¢130 billion colones, representing 8% of total tax revenue for the period.

- Advertisement -

Of course, the negative result of the increase in imports is exacerbating traffic congestion. However, adding more vehicles on the roads is not the only factor.

Leonardo Merino, researcher for the Estado de la Nación, said the problem with traffic congestion is basically the city grew over the last 30 years, with build up areas more than doubling, expanding within the roads instractures built then, that is the same roads now.

Source: La Nacion, Visitcostarica.com, Ministerio de Hacienda

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Immigration issues resolution extending “tourist” visas

UPDATED: The DGME confirmed that anyone entering the country on or...

Nicaragua begins vaccination against covid-19 in people with chronic diseases

TODAY NICARAGUA – Nicaragua, on Tuesday, March 2,  began to apply...

MOST READ

Tourist visas extended to June 2, 2021

QCOSTARICA - Before I get into my opinion of the irresponsible actions of the immigration service and the ICT, good news for tourists who...

Costa Rica extends restrictions of its land borders until April 1

QCOSTARICA - Costa Rica will extend the restrictions of its land borders until April 1, confirmed Casa Presidencial (Government House) on Thursday. As in the...

Former Soviet leader Mikhail Gorbachev celebrates his 90th birthday

Q REPORTS - The former leader of the Soviet Union and 1990 Nobel Peace Prize winner, Mikhail Gorbachev, who has been self-isolating to protect...

Costa Rica Celebrates 200th This Year

QCOSTARICA - This year Costa Rica celebrates 200 years of independent life. And the road to commemorate the 200th has begun with the launch...

Travel restrictions in key markets for Costa Rica delay tourism reactivation

QCOSTARICA - The restrictions for travelers imposed by the United States, Canada, Mexico, France, Spain and the United Kingdom, six of the main sources...

Banana growers achieved record exports in the year of the pandemic

QCOSTARICA - Costa Rica's banana growers reached an export record in 2020, despite the impact of the pandemic, shipping fruit in new markets and...

Discovery Channel began filming the second season of “Reversed” in Costa Rica

The filming of the second season of the reality show “ReverseD” on the Discovery Channel officially began last Sunday, February 21, in Atenas, in...

Japan creates Ministry of Loneliness

Japan is beefing up measures against loneliness, taking a first major step toward comprehensively tackling a pervasive problem in the nation that has again...

Bukele is on track to obtain a majority in the Congress of El Salvador

Q24N - The Nuevas Ideas (NI) party of President Nayib Bukele and partner Gran Alianza Nacional (GANA) party would obtain at least 56 of...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.