Affordable quality vehicles may no longer be found, but I found a place near us in San Pablo Laguna that sells the other brands of used mini Suzuki trucks and vans. The prices look really reasonable with average mileage.
Luxury cars (luxury tax added two years ago) are classified as those priced at PhP 2.1 million and above (cars / jobs / businesses to be saved). The excise tax rate for vehicles in this price range is 512,000 PhP plus 60% over 2.1 million PhP. For example, you buy a car with a price of 3 million PhP which is 512,000 PhP plus 60% of 900,000 PhP which is 540,000 PhP. These new vehicles are already overpriced, and adding a luxury tax is what is killing this business. So who can even make these monthly payments, and then what about the high interest rates when they are funded?
So the rush is to buy one of these imported used Suzuki vehicles (cash only, no funding available)
Local automakers warned yesterday that the government's decision to impose protective tariffs on vehicle imports would hamper the industry's recovery from the effects of the COVID-19 pandemic and lead to a further decline in sales as the measure exposes the country to various risks.
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