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.Â
“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.Â
“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.
Sri Lanka plans to introduce a property tax by the first half of 2027, according…
Opposition MP Jagath Vithana has published his pay sheet on Facebook and has thus become…
The Authorities have decided to look into the possibility of converting the Beira Lake into…
An individual has been arrested at the Bandaranaike International Airport (BIA) in Katunayake for smuggling…
Former senior civil servant Bradman Weerakoon has passed away at the age of 94, according…
A new initiative has been planned to provide high-quality, nutritious, and appetizing meals to inpatients…