The Vehicle Importers Association of Sri Lanka (VIASL) has reported a surge in panic buying in the local vehicle market, driven by rising auction prices in Japan.
VIASL Secretary Usman Ali said that market prices for popular mid-range vehicles, with engine capacities between 1,000 cc and 1,500 cc, such as the brand-new Honda Vezel and Toyota Raize, have increased due to strong local demand.
In contrast, demand remains low for smaller, low-engine-capacity vehicles such as the Daihatsu Mira and Suzuki Wagon R, as many buyers interested in these models have already completed their purchases.
The Secretary also highlighted that rising bank leasing interest rates, which have increased from 11.5% to 15%, have made such vehicles unaffordable for many potential buyers.
VIASL noted that the current market trends reflect a combination of global price pressures and domestic financing constraints, impacting both the affordability and availability of vehicles in Sri Lanka.
