Used Vehicles To Cost
More Due To Rise in
Dollar
Buyers of used cars will
be in for a surprise, as
the movement of the
exchange rate last week
has meant that importers
have had to dig deeper
into their wallet to
make their purchases on
foreign markets.
The Colon has weakened
against the US dollar
since May and that will
forcing up the price of
used vehicles once the
recent purchases make to
the car lot. In some
cases, importers have
already raised their
prices.
In addition, the rise in
the cost of fuel has
also meant higher costs
in the transportation of
the vehicles to Costa
Rica, both by land and
sea, which will
eventually passed on to
the consumer.
According to José
Carballo, president of
the Cámara Costarricense
Automotriz, the price
difference will be
strongly felt in about
three months.
Carballo said that not
only the maritime costs
to import the vehicles
are up, but also the
land transportation and
operating costs.
Carballo did not state
the amount of the
increase.
Importers of used
vehicles are having to
pay more as their
purchases are in
dollars, meaning they
have to exchange their
colones at the local
banks at today's higher
rate as the majority of
the used car sales are
in colones.
For example, a vehicle
purchased in the United
States in May costing
us$5.000, at the
exchange rate of ¢505
would have meant that
the importer would have
to exchange ¢2.525.000
colones, however, today
at the exchange rate of
¢545 colones to one
dollar, the amount
needed to buy the
vehicle is ¢2.725.000 or
a difference of ¢200.000
colones.
Carballo said that for
the time being the
majority of used
vehicles are still being
offered at the lower
price, but one the new
imports arrive, the
price of used vehicles
purchased beginning this
month, will increase
considerably. |
