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Message: <blockquote data-quote="Sri_Sampath" data-source="post: 31036715" data-attributes="member: 264139">AI Overview As of October 2025, second-hand vehicle prices in Sri Lanka have dropped significantly, falling between Rs. 1 million and Rs. 1.5 million for certain models over the last month. This decrease is driven by a combination of reduced import auction prices from Japan and slowing domestic demand. Factors causing the price decrease<ul> <li data-xf-list-type="ul">Reduced Japanese auction prices: The cost of importing reconditioned vehicles has decreased, allowing importers to bring in stock at a lower price. The Vehicle Importers' Association of Lanka (VIAL) has confirmed this trend, stating that vehicles are arriving at a reduced cost.</li> <li data-xf-list-type="ul">Slowed consumer demand: After an initial rush following the lifting of import bans in February 2025, consumer enthusiasm has waned. This is attributed to high taxes and inflated prices, leading to a build-up of inventory for dealers.</li> <li data-xf-list-type="ul">Forced stock liquidation: Importers are reportedly selling stock at lower prices, and sometimes at a loss, due to a new Finance Ministry rule that imposes a 3% penalty on unregistered vehicles held for more than 90 days. This has forced dealers to sell quickly to improve cash flow.</li> <li data-xf-list-type="ul"><ul> <li data-xf-list-type="ul">Release of detained vehicles: A recent gazette notice now allows importers to clear vehicles previously held at customs by paying a duty and bank guarantee. This action is likely to increase market supply and further drive down prices.</li> </ul><ul> <li data-xf-list-type="ul">Market normalization: After a long import ban, the market for new and used vehicles is starting to normalize as initial pent-up demand subsides. </li> </ul></li> </ul>Specific vehicle price changesAccording to the VIAL, key models have seen notable price reductions since September: <ul> <li data-xf-list-type="ul">Honda Vezel Z Play 2025: Fell to Rs. 23.5 million from Rs. 25.5 million.</li> <li data-xf-list-type="ul">Toyota Yaris: Dropped to Rs. 10.5 million from Rs. 11.5 million.</li> <li data-xf-list-type="ul">Suzuki Alto Hybrid: Reduced to Rs. 7.3 million from Rs. 7.9 million.</li> <li data-xf-list-type="ul">Suzuki Wagon R: Decreased to Rs. 7.3 million from Rs. 7.8 million.</li> </ul>Market shift away from older, reconditioned vehiclesAn additional factor influencing used car prices is the changing market landscape:<ul> <li data-xf-list-type="ul">Preference for EVs and new Chinese cars: The market is seeing a surge in electric vehicles (EVs) and new, affordable Chinese gasoline vehicles. Many buyers are now prioritizing factors like battery life over traditional Japanese reconditioned models, which were once dominant.</li> <li data-xf-list-type="ul">Competition from new vehicles: The influx of newer, feature-packed vehicles puts downward pressure on the prices of older, traditional fuel-powered cars. </li> </ul>In summary: The second-hand vehicle market in Sri Lanka experienced a general price decline in September and October 2025. This was caused by lower import prices and weak domestic demand, leading to a surplus of stock that importers are now motivated to sell.</blockquote>

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