The present Jamaican Automobile Market is comprised of vehicles manufactured for various world markets and imported to Jamaica. Japanese Domestic, Asian, European, Canadian, and United States are some of the market models that are imported alongside the Local Dealer models. As such, a particular model vehicle may have features, engine types, drive train, and even body parts that may vary from that of the Local Dealer model. This factor makes the determination of Market Value a more intensive process.
Changes in Import Duties and Policies
These changes by the Jamaican Government have a major effect on the value of Motor Vehicles. Some changes make it uneconomical to import vehicles with larger engine sizes, and at other times the changes make importation again feasible. Another change had increased the age limit on used cars imported allowing an influx of older model vehicles on the market. Over the last 10 years the duty rates and import policy had been adjusted many times having a dramatic effect on automobile values on the Jamaican market.
Currency Value Changes
Any large change to the value of the manufacturer’s currency will have an effect on the local values of those vehicle models. Should the Japanese Yen dramatically rise in value, the cost of importing these vehicles automatically increases. Should the Euro dramatically fall in value it affects the vehicles imported from these markets. Devaluation in the value of Jamaican Currency also has an effect on vehicle values.
Dealer Price Adjustment
These usually take place with the introduction of a new model but may happen at anytime during the year. These adjustments have a cascade effect on the value of the older models. New models are usually sold at a similar or higher price that the previous model. There have been several instances in which there had been a reduction in the price of a new model being offered that dramatically affected the values of the older models. Usually for vehicle models with uncommon features, obtaining the price information from the Local Dealer may cause delays in the calculation of the value.
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