August 19, 2016

Swift car sales seen in Mon State with onset of income declaration policy

Cars seen in Mawlamyine.
Cars seen in Mawlamyine.

SALES within Mon State’s automotive market have been brisk of late with the onset of new government policy, which comes into force from 1 June that states car buyers must declare their source of income in order to purchase a vehicle, according to the market.
“Commencing from next month, cars buyers will have to show their income originates from legal sources. As the inability to prove such sources will require [vehicle] taxes to be paid, trading has currently been higher than normal, which has, in turn, caused the value of auto-mobiles to increase with the influx in sales. Buyers are purchasing now as they’re aware of forthcoming appreciations in the value of these vehicles. We’ve even completely run out of all Probox related accessories.” said U Wunna Soe, owner of On the Road car sales centre in Mawlamyine.
The catalyst behind the recent swift trade in auto-mobiles is a new motor vehicle policy. If making a comparison with the previous month of April, when the value of an automotive has increased by approximately K800,000, the coming June will see increases, not only in the value of CIF, but also car taxes that must be paid. The result, the price of an automotive having potentially rising in price by K2 million, long term cars traders have analysed.
“There’s only buyers in the Maylamyine car market; sellers of auto-mobiles are few and far between. The only people selling their cars are those wanting to buy a better model,” said U Naing Maung, a local Mawlaymine car trader.
The currently traded car models within the Mon State car market for commercial purposes are Hijet, Probox and Succed while the best sellers among cars for personal use are Toyota Wish, Honda Fit and Belta.
The market price of most car models steer over the K10 million mark, with the exception of the Hitjet model which fetches in the region of K7.5 million, while it is known that patrons of the Mon State car market include local residents together with those from neighbouring Kayin State and Tanintharyi Region.


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