Sri Lanka Luxury Car Sales Up

04th October 2010, www.dailynews.lk, By Charumini de Silva

The luxury car segment recorded significant higher sales after the duty reduction on imported vehicles.

After the duty reduction the market has improved considerably and all segments showed an increase in sales, Prestige Automobile (Pvt) Ltd., Chairman/Managing Director, Heinz A. Reuter told Daily News Business.

He said the luxury segment recorded significant higher sales. “All key players in this luxury segment show improved sales due to a demand for latest models, which was one of the reasons that we introduced the new BMW 5 Series. It is regarded as the benchmark in its class.” The demand for luxury cars is increasing as expected after the duty reduction. Many potential customers delayed their purchase decisions due to a prohibitive duty which was among the highest in the world.

The leading luxury brands available in Sri Lanka are offering vehicles in the range of Rs 10 million and Rs 16 million. “The majority of the sales in the luxury segment are corporate sales, but there are cash sales and financing too. The prices have become competitive where in this range consumers can now buy the best cars in the world,” Reuter said.

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