“Prices of used cars will not increase,” is the word from immediate Past President of the Jamaica Used Car Dealers Association (JUCDA), Ian Lyn.
Ian Lyn makes the assertion against declarations by the President of the JUCDA, Lynvale Hamilton that the implementing of a new policy by the Japanese Government to stop offering incentives to its citizens to buy vehicle could affect prices locally, since Japan is Jamaica’s largest exporter.
The former president asserts that policy locally and competition act as buffer for a spike in prices to a market that has seen an uptick in recent months.
Lyn drives, “even though there has been a fall off with the US currency, stiff competition in Jamaica amongst used car dealers, the decrease in Special Consumption Tax (SCT) and the extra year granted by the previous government is only, but some of the factors keeping prices down the automobile market.”
He continues: “An increase in duties is the only thing that can cause a spike in prices. Further, Used Car Dealers are seeing that it’s a “buyers’ market” instead of a “dealers market”; meaning buyers actually have the upper hand in the market as more and more of them are buying cars closer to force value than market value.”
The boss of the re-launched CarMax Jamaica, a used car dealership whose services include sourcing vehicles directly from suppliers and a customised ordering system, notes, “I’m optimistic that whatever increase from Japan or exchange rate will be absorbed by us dealers.”
All feeds
