Think twice before buying EVs: Vehicle importers

19 June 2025 09:33 pm Views - {{hitsCtrl.values.hits}} 61 Bookmark

CHATURANGA PRADEEP SAMARAWICKRAMA Follow

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Colombo, June 19 (Daily Mirror) - The Vehicle Importers Association of Lanka (VIAL) has urged the public to carefully consider their options when purchasing electric vehicles (EVs), warning that the market value of many such vehicles drops by several million rupees within just a few months.

Addressing a media briefing, VIAL President Indika Sampath Merinchige highlighted that while electric vehicles have grown in popularity, they have also posed new challenges for prospective buyers, especially following the lifting of the vehicle import ban.

“Except for major, established electric vehicle brands, a large quantity of electric vehicles, mainly from China, were imported as soon as restrictions were eased. Unfortunately, the market prices of many of these vehicles have fallen by two to three million rupees within a few months of purchase,” Merinchige said.

He explained that one of the primary reasons for this depreciation is the rapid model changes seen in the Chinese electric vehicle market.

“Chinese manufacturers tend to release new models and upgrades every two years, which leads to faster devaluation of older models. This isn’t the case with Japanese vehicles, where manufacturers maintain consistent market value despite minor upgrades,” he noted.

Merinchige warned that a Chinese electric vehicle bought today for around Rs. 20 million could see its resale value plunge to Rs. 7 to 8 million within five or six years. In contrast, Japanese vehicles typically retain a far higher proportion of their value over the same period.

Another factor affecting resale prices, he said, is whether the vehicle owner has access to a solar-powered charging system.

“Without a solar charging facility, maintaining and operating electric vehicles can become an expensive burden, further reducing their market appeal in the second-hand vehicle market,” he added.

He also pointed out that many modern Japanese hybrid vehicles now use a gasoline engine solely to charge the battery pack and not to power the wheels offering a practical alternative for buyers wary of the challenges associated with full electric vehicles.

Merinchige urged vehicle buyers to carefully assess long-term value retention and market dynamics before investing in electric vehicles, particularly in the current economic environment.

Comments - 61

Fact Thursday, 19 June 2025 09:55 PM

This information should have come before they were brought down. Anyway thanks, I'll retain my Japanese vehicle. For some people money comes easily. Not an issue for them.

10 72

Gajendran Thursday, 19 June 2025 10:55 PM

Toyota Corolla I bought 27 years ago is now priced 7 times the original price paid.

7 62

Ganesh Friday, 20 June 2025 12:31 AM

You’ve gained in nominal terms, but whether you've gained or lost in real terms depends on inflation and purchasing power. Plus the amount of money you spend to keep the car running may add up to wipe out whatever you think you have gained.

3 25

Sokrates Friday, 20 June 2025 09:54 AM

What kind of idiot buys a 27-year-old car? In Germany, most cars are scrapped after 10 years at the latest, as they are then a burden on the environment and safety. And that's with vehicles that are the best in the world. And why are electric vehicles imported from China that only last a few years? Why don't you buy a Mercedes, BMW, Audi or electric Volkswagen? They are more expensive but of far better quality.

41 22

nizam Friday, 20 June 2025 02:40 PM

It shouldn't be. Where in the world are used vehicles sold at such prices. Some vehicles over 5 years are selling at over. million when the real value should be a maximum of 1m. This is a drama and even those who do the valuing should be questioned on what basis are used vehicles valued at such high prices. As or EV particularly the old Nissan leaf 2012 onwards with just 5 bars and a depleted battery are sold at over 3m when the price should be under 2.2m. Stop buying, Don't encourage such sellers and valuers. Let those who want to sell at high prices hold on until the prices come down.

0 3

nihal jayaweera Friday, 20 June 2025 08:12 AM

Yes, it's too late the people have embraced EVs now....ignoring the vehicle Mafia here in SL.. nj

0 27

Danny Friday, 20 June 2025 03:05 PM

50 years back, in schools, small motor and a battery was exiting students. Today’s EVs are not new concept but a motor and battery which was existing long before. Unless the electricity is cheaper, no point in buying EV. SL is the only country where vehicles appreciate as it get older. Go to Jaffna to see nearly 100 years old Somerset and A40 and Oxford are still on the road.

0 6

Sudda Saturday, 21 June 2025 05:35 PM

He's worried because most of these importers don't import EV's and there's a huge demand for EV's here. Moreover normal vehicles are not selling at their car sales.We should remember that with the middle east war and cost of repairs of normal vehicles undoubtedly will escalate. Since most of the EV importers give noteworthy warranty,We should consider the pros

0 7

Dr. Dee esquire Thursday, 19 June 2025 10:03 PM

Hybrids are obsolete!

34 23

Ananda Bopage Thursday, 19 June 2025 10:08 PM

Yesterday I bought a pack of friend rice for 1000 rupees, but I cannot resell it to the same value, can this guy give me an advice? EV or Fuel powered vehicles are not gold, so the market value drop is a normal thing. The same happens to iPhone and other smart phones too, so shouldn't we buy iPhones and other smart phones? If you do not want the market value drops, better buy gold, land or USD bills.

12 93

M Fernando Friday, 20 June 2025 02:41 AM

According to this particular smart car salesman, yes. Your pack of rice is subject to "market dynamics" and something else.... which means if you hold onto it for 8 years, you may be able to sell it for more rupees than you bought it for.. Same for your iphone (never mind that the rice will rot by then, the iphone battery be dead and the OS out-of-date. Of course, the smart car salesman ignores how much the rupee will depreciate in that time period making it's REAL value much less.

0 15

Jay Thursday, 19 June 2025 10:20 PM

Seems their vehicals are in car sales unsold.. so they want to take undue advantage.. nice try...

3 141

Dr. Kishu Gomes Thursday, 19 June 2025 11:00 PM

Avoid buying any vehicles for at least one year (until the market settles)

0 99

beney Friday, 20 June 2025 09:14 AM

these guys having 3 to 4 million SL ruppes profits from a new model of Honda vezel. best is to wait till market turbulence goes off

0 36

Terrence K Friday, 20 June 2025 09:34 AM

Since you travel in most of the luxurious cars and having the advantage of owning vehicles which were bought a few years back you have the comfort of going in style. Your advice does not hold water for those who are yearning to own a vehicle as some mode of transport which has four wheels. Today the younger folk are craving to buy a new vehicle or the choice of a well maintained second hand vehicle. However, going for an electric vehicle is not advisable as well as fuel guzzling vehicles which do not peform on fuel and with the present scenario of fuel increasing by the day due to the unsettled conditions in the Middle East. Kishu have some concern for the youngsters who would like to own a vehicle to take their fairer sex on a jaunt because your time is slowly waning.!!!!

1 12

Anura Ranasinghe Friday, 20 June 2025 12:45 PM

These importer jacked up prices in Japanese Auction market by competing each other considering they can sell poor Sri Lankan customers. for a example Honda Vezel started price once the release of vehicle imports by the government of Sri Lanka JPY 2,800,000/= now it has gone around JPY 4,800,000 /= Now. Vezal was Started selling in Sri Lanka from 16.5mn to 17.5mn now has gone to 22Mn ... This was the reason for people moved from Japanese market to Chinees Market. Workout your cash savings with Fuel cost and Charging cost of Electricity. Don't go as investment as vehicle ,it is a utility of day to day life. Technology will change and you will dive out from modern day of living with wonderful features offered by you EV. My dear OLD Generation of Vehicles importers ,and the government ,think twice ,What will be the Future. Save Planet go for EV. Wait All Japanese Vehicle importer are now facing issue with inflated prices from 16.5 mn to 22mn and also they need to sell these vehicles

0 6

Guppi Thursday, 19 June 2025 10:40 PM

About producing new vehicles making previous ones obsolete is so true.

1 23

Lokka Mama Thursday, 19 June 2025 10:49 PM

This fellow is trying to protect his vested interests because he is loosing his Japanese junked car import business to equally good brand new Chinese cars. This fellow does not command or have any influence on the Chinese imports. Obviously, the value of cars must depreciate when they get older. However, these fellows have been telling the unsuspecting buyers that the value of a Japanese vehicle increases with every passing day in Sri Lanka. The Chinese car importers have debunked this theory and promoted the universal truth, Hence people should buy brand new cars very often instead of buying imported Japanese junks.

6 121

IKKIE Friday, 20 June 2025 03:24 AM

Absolutely agree with you.

0 15

nihal jayaweera Friday, 20 June 2025 08:10 AM

ha ha ... another idiot living in stone age ... they're loosing businesses to CN ...... it was the same when Japanese vehicles came to SL many decades ago where the EU dominated the market in early 70s.... The Western

1 18

Yohan Thursday, 19 June 2025 11:58 PM

Well government should impose certain rules such as the company that import any electric vehicles should provide parts and support upto 5 years. Also impose a rule that the range should be at least 400km and battery should last 5 years minimum to stop junk coming into the country.

2 11

Mohan Friday, 20 June 2025 12:17 AM

Think about CLIMATE CHANGE! Buy electric vehicles and solar panels!

1 13

Topler Friday, 20 June 2025 12:51 AM

Another typical Mentality. Sri Lanka is the only country where used vehicles value goes up. Vehicle value should depreciate for the sale of this countries economy.

1 20

Ranga Friday, 20 June 2025 09:58 AM

That's because the economy heavily rely on vehicle taxes rather than payroll or direct taxes which is a system of underlined structural issues and this has been going on for decades

0 5

M Fernando Friday, 20 June 2025 02:35 AM

Price in Sri Lanka is artificial brought about by our economic missteps and a bizarre customs/duty regimen, Looks like this guy has a stock of ICE vehicles to be unloaded on a gullible public ! In no other country does the price of a vehicle increase with time unless it is a rare vintage. Even the price of bread has gone up - does it mean new bread is subject to "value retention and market dynamics" and we should look at retaining the old bread we bought for Rs.12 , 30 years ago ? EV's make absolute sense for Sri Lanka with it's large base of Home Solar Installations which makes fuelling up pretty much free.

0 8

M Fernando Friday, 20 June 2025 02:46 AM

China's EV industry has caught up and surpassed all the major EV manufacturers in the world in terms of design, technology and battery tech. This is the real reason for this fear. This guy also ignores the fact that KW for KW, even in Sri Lanka, electricity is cheaper than petroleum-based fuel.

0 20

Gokula Siripathiarachchi Friday, 20 June 2025 02:50 AM

There is some truth in what he says, particularly since the battery life of an Electric vehicle is around 8 to 10 years. I am guessing the life is sjorter in jot climates such as SL. However, electtic vehicles will be a good solution gor SL as our land is small and there wont be major issues with getting distance from a charge. It will bring down air pollution. Plus EV' s do not incurr costs of annual engine service. Maybe there will be a small cost for software upgrades but this is not generally mandatory. The government should think ahead and set up charging stations across the country, organise a battery buy back or battery leasing schemes to make battery changeover cost effective and also organise battery recycling schemes. These steps can bolster local businesses and reduce our valuable currency being spent on importing petrol.

1 8

Dan Friday, 20 June 2025 03:10 AM

Thise using solar power to charge an electric vehicles would be saving the country million of dollars by not using petrol or diesel. Also they will be saving on the fuel costs every week.

2 15

Don Friday, 20 June 2025 03:19 AM

What kind of crook this is? Only in SL in the world you can sell an old car more than the original price. That is due to market manipulation by making it harder and harder to import a vehicle. In every brand, new version with new features of a vehicle comes annually. In other countries, on the next day after buying a vehicle the price changes to 15% less because it is no longer brand new. It has an owner now. Every year lapsed and the km you run, vehicle value goes down. So, without misguiding people, allow people to buy affordable vehicles. Their primary intention is not to resell but to use until the economic value of the car becomes its salvage value. Of course you will have to lose value as you have used it. That is called open market economics. Someone should stand up and take legal action against this person who is trying to inflict fear on people against open competition in the market. It is against law.

0 14

Kasunsiri Gunaratne Friday, 20 June 2025 03:46 AM

Wow, while the whole world is shifting toward EVs and moving away from petrol and diesel cars, people really need to hear what these guys have to say. How pathetic

1 11

Nobody Friday, 20 June 2025 04:03 AM

It’s only in SL that car value appreciate. Cars are depreciating assets.

0 17

Dhinush Friday, 20 June 2025 05:55 AM

Yes, they are creating a public opinion that purchasing EV vehicles is not good. Then they can sell their vehicles. As Browns is new in vehicle import they see it as a challenge.

0 8

Jude Friday, 20 June 2025 06:24 AM

The market leader of Ev's Tesla cars have tons of problems but there's a heavy demand for Tesla. Even components and parts manufacturers have exclusive deals with Tesla but can't fulfill the demand. Tesla Cars are very cool and unique, but they are not the best car to buy. The big problem that Tesla owners have with their cars is the poor build quality, expensive maintenance, and there no Car dealership support for them.

0 6

M Fernando Saturday, 21 June 2025 05:40 PM

Tesla is not the market leader. BYD has surpassed it globally .. Tesla is only leading in countries where Chinese imports are banned i.e only in the US.

0 0

Chamath Prematilake Friday, 20 June 2025 07:14 AM

Blatant truth is these guys cartel on Japanese used vehicles are keeping high margins and now Japanese cars are not valuable at the market price they sell. Eg Toyota Vits (Yaris) and BYD Dolphin with far more superior features are also sold at the same price range. That is what they need to address. I have been using an EV (Japanese) for more than 10 years and even if you charge your EV at a public charger (Chargenet or LECO) it still 3 times cheaper than petrol vehicle (economy of 10kms per litre) and your maintenance cost is fractional. So he is not telling the truth that you should own a solar panel generation to get the benefit.

0 13

Ck Friday, 20 June 2025 07:22 AM

Sour Grapes! Pl learn to compete with EVs with end user in mind.

0 12

Angelo C Friday, 20 June 2025 08:04 AM

Why is this guy talking down BYD so much? The Vehicle Importers Association is expected to be neutral. They must let the market economics play out, but instead they are trying to manipulate it. The truth is that the Vehicle Importers Association is a Mafia. They are a gangsters trying to drive up the prices of Japanese and German cars by keeping huge commissions. John Keels Holdings who are importing BYD is a powerful company who are not bowing down to the Vehicle Importers Association Association Mafia. Well done JKH. You showed how to do business by finding creative ways to enter the market with good customer service and reputation.

0 11

Nimal Friday, 20 June 2025 08:12 AM

Firstly, who has 20 million to buy vehicles in SL? Only heavily corrupted pubic servants and tax dodgers. No one else. Now that the NPP government has started to catch and prosecute corrupt officials, even that group is going to reduce.

3 9

sdeshapriya Friday, 20 June 2025 08:19 AM

Don’t trust these people. I bought my EV at a very low price back in 2022, and now its value has tripled. I’m also receiving many benefits. That’s my personal experience — let's set that aside for a moment. If you use an EV yourself, you’ll understand the real benefits. I’m saying this based on my own experience: EVs are great cars and economical to run. Some people are trying to disrupt the EV market because they can’t compete with the pricing. But those who actually use EVs know how valuable they are.

2 11

Fact Friday, 20 June 2025 09:52 AM

What was the exchange rate in 2022. What was the lease interest. Too many variables to understand the reality There are people who can afford the depreciation personally. There are people who can set off the depreciation in their company accounts. An ordinary man doesn't have these options.

0 2

Suhada malli Friday, 20 June 2025 08:37 AM

These rascals have ganged up and deceiving the public with vested interests. After artificially jacking up prices now trying to make amendments by inluencing our minds. Best is as Dr Gomes has suggested is for all of us citizens to delay our vehicle purchase decision by 1 year to make the importers realise that this is not the time to make big profits and bring down the price of both 2nd hand and brand new vehicles of every kind including EV. Consumer Resistance theory.

0 12

Gayan Friday, 20 June 2025 08:40 AM

Something fishy here

0 4

Asela Friday, 20 June 2025 08:45 AM

I spoke to many sale owners, yes the japanese vehicles are not moving at all and this guys is crying because of no business.... EV is a sustainable energy vehicle are future... If someone can help him with some money to meet the family needs please.. so he wont cry anymore

1 10

Nanayakkara Friday, 20 June 2025 09:20 AM

Yes, true in in some ways, Can you drive to Nuwaraliya with your family (say of four) in an Electric vehicle where they say can run upto 400KMs from one charge in peace of mind !. No way!. You will have worry about next charging spot. and most of their chargers are of about 300-350kW range. But quick charging need more than 1000KW power chargers i don't think they are available here yet. This industry is still making rapid ranges in short periods.

6 3

M Fernando Friday, 20 June 2025 12:28 PM

You can rent a (valuable and value appreciating) Japanese car from the unsold stock of the chairman of vehicle importers association for the long trips.!

0 1

Lucky Friday, 20 June 2025 09:22 AM

Majority of the people who buy EVs, buy them as their second vehicle. So we are talking about a segment who has money, and I don't think they worry much about what will happen after 5, 6 years.

0 6

nihar mohamed Friday, 20 June 2025 09:55 AM

Japanes cars Hybrid or Fossil and have stood the test of time, the chinese ones yet to prove their mettle, as the japanese EV leaf had pretty daunting issues later on... So he comments may be based on this.

3 2

Yohan Friday, 20 June 2025 10:10 AM

For those who look to buy an electric or non electric should always check if at least more than 5000 or 10000 vehicles of the same model are bought and sold here or at least parts match with existing older vehicles. Otherwise you will be in deep trouble finding parts for Chinese or Japanese vehicles. Euro vehicle parts can be ordered online and is not a problem but generally euro car parts are expensive. Sometimes jap parts do match. For example some mazda vehicle parts matches with ford.

2 2

Rich buggers will not hold back to by new model Benz Saturday, 21 June 2025 02:17 PM

Maybe you are talking Alto type car, or maybe a Bajaj, but for the rich there won't be even 1000 of the latest model sold here. Car bought for business or function is one thing, but car bought function of show off wealth is another.

0 0

Teach these monkeys some economics Friday, 20 June 2025 11:11 AM

Vehicles are not an investment. If you think you gained from the second hand market you are forgetting all the money and time you put to maintain it. Just put that 10 million in a wealth fund and use uber when needed.

0 4

The sales persons know sales economics too well Saturday, 21 June 2025 02:15 PM

What or which economics do the petrol and diesel powered vehicle importers not understand? They are only after fast profits not caring at all about long term, as what does it matter to them? They won't be held accountable after any warranty on new car, and used car they have nothing to lose by promoting their goods, and they'll get richer. Economics of self promotion for self wealth enhancement is working out well for them.

0 1

Muhammad Rishad Friday, 20 June 2025 11:30 AM

This vehicle importers association is run by used Japanese vehicles importers and obviously they don’t like Chinese ev. How come the BYD ev is the largest supplier in the world. Definitely EV is the future of mobility.

0 4

Lion Friday, 20 June 2025 11:31 AM

These people sent the similar messages when SL was receiving cars with automatic gears. They spread that it’s very difficult to repair and better to have the gearboxes witch required manual control

0 3

Rip Winkle Friday, 20 June 2025 11:55 AM

Greed 2.0

0 2

EMILY JOACK Friday, 20 June 2025 05:12 PM

Now gentlemen think of this Mahinda robbed billions enough not only for Namal but three generations , now what will be the value of these billions after three denerations it is in Trillions , so Mahinda's grand children will be throwing money like peanuts That is Namals son will come to Sri-Lanka (now hiding in Dubai with his Mother) playing the Drums

0 0

Janak Karunarathna Friday, 20 June 2025 07:05 PM

Seems like there are different importers associations, like NPP, SJB, Pohottuwa,UNP and etc... and the Chinese EV importers have not obtain this Gentleman's association's membership. They import and say don't buy, think twice!!!

0 1

DD Saturday, 21 June 2025 09:59 AM

Let’s be real, this kind of talk doesn’t educate anyone. It intimidates and all it does is scare off potential EV buyers and give a false sense of pride to fuel vehicle owners. Yes the world is on fire literally. Global tensions are rising, and with every new conflict, fuel prices shoot up. Still think petrol and diesel are the ‘safe’ bet? That’s a volatile gamble. Yes, some people made bad EV choices — buying old, used models with no warranty. That’s a buyer issue, not a tech issue. But if you're buying brand new or from an official dealer, you're usually covered for 8 years under battery warranty. EVs do have resale value, especially if the battery is still strong. But yes, resale value depends heavily on battery condition, which is different from fuel vehicles. With the right brand, warranty, and charging setup, EVs are cleaner, smarter and cost effective.

0 2

VIAL spokesman is deceiver, most vehicles sales in Japan are now EVs Saturday, 21 June 2025 02:23 PM

VIAL can't get dealerships to sell EVs, so they are bad mouthing EVs to upsell their crap petrol and diesel vehicles. This phenomena was in Japan too some years back, but now even in Japan most vehicle sales are EVs.

0 1

GHL Sunday, 22 June 2025 03:24 AM

It's well known that EV vehicles depreciate faster than ICE vehicles just check out the UK and Euro markets depreciation falls 53% over the first two years , anyone who buys an EV second hand then needs to install a charge station which is costly then the charging rates could be expensive, BMW have actually scaled back their EV program so have other manufacturers, EV's are more expensive to Insure , people in SL have just jumped on the EV band wagon due to no retail sales for the past five years EV's should not lay idle for long periods as the Battery deteriorates if not used, with Chinese vehicles flooding the market there must be stock piles of vehicles all around , there was an article in one of the papers showing hundreds of EV'S stock piled laying in fields in China , so VIAL is correct for your due diligence before purchasing an EV

0 0

BYD already outsells Toyota in Japan Saturday, 21 June 2025 02:25 PM

Search about which manufacture is welling most in Japan and it is now BYD. And EVs are far outselling other models in Japan. Toyota is taking advantage of nations with backward mentality like here to export what they cannot even sell in Japan as much anymore.

0 3

M Fernando Monday, 23 June 2025 06:50 PM

I will be throwing out my ICE vehicle and going back the good old full-natural, completely 100% bio-degradable bullock-cart. The fuel is cheaper and by-products more useful. I should NEVER have got persuaded by these new-fangled "automobile" nonsense when this Henry Ford and Karl Benz guys started it ! I will also be appointing myself President of the "Sri Lanka Bullock-Cart Promotion Society" and discouraging people from buying petrol, diesel, and Electric vehicles.

0 0

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