VEHICLE IMPORTS SURGE - LESS TAKERS

Importers say a 3% penalty on the CIF value will be charged if newly imported vehicles remain unsold for over 90 days, with the cost borne by the importer, not the buyer

- CHATURANGA PRADEEP SAMARAWICKRAMA

Vehicle importers have reported a slowdown in demand for new vehicle purchases following a surge in imports over the past several months.

They said the influx of vehicles brought in to meet pent-up demand after years of restrictions has now led to a cooling-off period, as the initial rush of buyers have subsided.

Vehicle Importers' Association of Sri Lanka (VIASL) President Prasad Manage told the Daily Mirror that while import volumes rose significantly in recent months, the market is now experiencing a cooling period as the initial demand has largely been met.