COLOMBO (EconomyNext) – Sri Lanka’s vehicle registrations rose 70-percent from a year earlier to 48,718 units in April 2015 but was down from a historic high of 66,839 reached in March, a research report showed.
Motor car registrations rose 166 percent from a year earlier to 5,107 units in April 2015 despite a plunging sales of hybrid cars after a tax hike in January, an analysis of Sri Lanka’s vehicle registry data by JB Securities showed.
In April, 2,037 Indian-made Maruti Alto cars were registered, up from just 185 units a year earlier but down from 2,269 units in March.
Economic activity slows in April with a traditional holiday season falling in the second week.
There were also 338 units of Chinese made Micro branded cars were sold, up from 103 units a year earlier.
JB Securities said the waiting period for a Maruti vehicle was now 6 months.
Registrations of vans rose 700 percent from a year earlier to 927 units in April.
Three wheeler registrations rose 59 percent to 10,814, down from the 12,360 units registered in March, levels not seen since late 2011 when the Central Bank was injecting liquidity into the banking system though sterilized forex sales firing credit and creating a balance of payments crisis.
Lease rental on a 3-wheeler is around 15,000 rupees a month or 600 per working day and three wheelers are increasingly used as a personal vehicle rather than a taxi, JB Securities said.
Motor cycle registrations rose 61 percent from a year earlier to 27,561 units but were down from a peak of 42,331 reached in March.
About 64 percent of the motor cars were bought on credit, up from 51 percent a year earlier. The financing share of SUV’s were 58 percent, up from 35 percent a year earlier.
About 90 percent of the three wheelers were bought on credit, the same as last year and 62 percent of motor cycles were bought on credit, slightly down from 62.9 percent a year earlier.