Car Prices in Malaysia to Reduce 1 to 3% After GST

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Car Prices in Malaysia will be reduced 1 to 3% post-GST Implementation. The Goods and Services Tax (GST) will be started from April 2015.

The Malaysian Automotive Institute (MAI) expects car prices on average to reduce by between one to three per cent with the implementation of the Goods and Services Tax (GST) by April 2015.

 

Its Chief Executive Officer M. Madani Sahari said based on MAI’s simulations, there should be a slight reduction in car prices with the GST, likely of between one to two per cent for most models including imported cars.

 

“Our target for the total industry volume (TIV) next year is 700,000 units as car prices will be more competitive. As for this year, we are forecasting a TIV of 670,000 units,” he said after the Altair Annual Technology Conference 2014 here, Wednesday.

 

He said there is no point in not purchasing cars before the GST implementation, which he said will have a minimal impact on new car prices.

 

The value of second hand cars, however, is expected to drop more, by an average of between five to 10 per cent per annum, he added.

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