Friday 18 June 2021

Import of New Cars Reaches A Record High


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.

- Advertisement -

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

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.

- Advertisement -

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.

“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.

- Advertisement -


- Advertisement -

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.

"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

Cynthia Ann Telles named new U.S. Ambassador to Costa Rica

QCOSTARICA - Today, U.S. President Joe Biden announced his nomination of...

Simple to request certification of vaccines against covid-19 applied in Costa Rica and abroad

QCOSTARICA - The Ministry of Health issued a new guideline on...


Today’s Vehicle Restriction: June 13, “EVENS”

Today, Sunday, June 13, only EVENS can circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save for those under the...

“Caso Cochinilla”: Name arose when comparing parasite with hidden corruption

QCOSTARICA - On Monday, the Organismo de Investigacion Judicial (OIJ) moved to the raid, seize and arrest of their investigation into corruption of public...

Nicaragua government assures that detainees violated one of the Ten Commandments

TODAY NICARAGUA – The vice president of Nicaragua and First Lady, Rosario Murillo, assured that those who feel persecuted are for the crimes they...

The Best Sports To Play On A Beach

Costa Rica has some of the best beaches in the world. The coastline is blessed with golden sand, beautiful palm trees, and perfect blue...

Today’s Vehicle Restriction June 17: 7 & 8 CANNOT circulate

Today, Thursday, June 17, vehicles with plates ending 7 & 8 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Tourism sector depends on political will for recovery

QCOSTARICA - The future of tourism operators in Costa Rica depends on the political will to approve a package of bills that favors the...

Today’s Vehicle Restriction June 16: 5 & 6 CANNOT circulate

Today, Wednesday, June 16, vehicles with plates ending 5 & 6 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

Heavy downpours generated the first phreatic eruption of this year at the Turrialba volcano

QCOSTARICA - Several residents of La Pastora, La Central and Monte Calas, in the vicinity of the Turrialba volcano, heard a loud rumbling early...

Ortega government accuses imprisoned opponents of receiving money from the United States to overthrow him

TODAY NICARAGUA – The Nicaraguan government assures that the imprisoned political opponents detained on charges of “inciting foreign intervention” are “usurpers” financed by the...


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.