Sunday, 27 September 2020

Import of New Cars Reaches A Record High

2015-suzuki-vitara

COSTA RICA NEWS – The import of new cars hit a record 34.000 units last year, the highest in ten years. The Ministry of Finance (Ministerio de Hacienda) says the accelerated rate of imports began five years ago.

By contrast, the import of used vehicles has been on the decline since 2012. Last year with only 18.000 used cars imported.

Overall, in 2014, a total of 52.344 motor vehicles were imported, a 12% increase over the previous year.

- paying the bills -

The arrival of new vehicles has had a positive effect on tax revenues for last year.

Experts say the increase in new vehicle imports is directly related to the easier credit for new car purchases.

“Today it is cheaper to finance the purchase of a new car than a used one. New vehicle loans are for terms of up to seven years, while only three for used,”  Alan Sime, marketing director at Purdy Motor, told La Nacion.

Sime added that most new car loans are in U.S. dollars with lower and more competitive interest rates than loans in Colones.

The fuel efficiency of new cars is another factor for consumers to go new instead of used. Yet another reason is the implementation of the Traffic Act (Ley de Tránsito) in 2012, limiting the entry of vehicles with total loss or alternation.

- paying the bills -

“Other government measures such as the creation of an odometer history for vehicles or the online consultation of the VIN (Vehicle Indetification Number) have come to change the auto market in Costa Rica,” says Lilliana Aguilar, executive director of the Association of Importers of Vehicles and Equipment (Aivema).

Jose Carballo, president of the Costa Rican Chamber Automotive (Cámara Costarricense Automotriz) – umbrella organization for sellers of used vehicles, said that fiscal measures hit hard the used car import.

“There is uncertainty in the tax to be paid on imported vehicles. Today we have a figure and tomorrow another. This legal uncertainty has discouraged the import of used cars,” explained Carballo.

The Refinadora Costarricense de Petróleo (Recope) – state refinery –  confirmed that, last year, there was an increase in the consumption of super gasoline, attributed mainly to a major renovation of the vehicular fleet of Costa Rica.

(Via Nacion.com)

Rico
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

KLM to resume flights in October; Air France and Edelweiss push back dates

(QCOSTARICA) The Dutch airline KLM announced that it would resume direct...

Costa Rica ranked 13th in best countries for gender equality

(QCOSTARICA) First published in 2006 by the World Economic Forum, the Global...

MOST READ

COVID -19 “R” rate: Each positive case still produces only one new contagion

(QCOSTARICA) The reproduction or "R" rate of COVID-19 in the country currently shows a downward trend, reaching close to 1, according to data from...

Costa Rica extends tourist visas until March 2, 2021

(QCOSTARICA) Costa Rica's immigration service, the Dirección General de Migración y Extranjería Costa Rica (DGME) announced today, Monday, September 21, the extension of tourist...

Making the IMF happy!

In this caricature by Crhoy.com, we see President Carlos Alvarado tipping the scales to please the International Monetary Fund (IMF) at the expense of...

Is it witchcraft that leads a man to leave women’s underwear at her home?

(QCOSTARICA) Mayden Chamorro still doesn't understand why a man has left her used female underwear outside her home every Thursday. Could it be part of...

Brazil: Rio postpones Carnival over coronavirus

(Q24N) Rio de Janeiro's world-famous Carnival parade will not take place in February 2021 due to the coronavirus pandemic, officials announced Thursday. "We came to...

When will tourists from more US destinations be allowed? This is what the ICR says

(QCOSTARICA) One of the main connection points between Costa Rica and the United States is the state of Florida. However, that state is still...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.

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.