Car prices on average may be slashed by between 1-3% after the Goods and Services Tax (GST) is implemented on April 1, 2015 if the Malaysia Automotive Institute (MAI) is correct.
According to Bernama, MAI CEO Madani Sahari said that its simulations showed there should be a slight price reduction 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.
Madani added that there is no point in holding out on buying a car before GST is implemented, as there will be little impact on new car prices. However, he claimed the institute expects the values of used cars to see a larger reduction, by an average of between 5-10% every year.
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AI-generated Summary ✨
Many comments express skepticism about the promised 1-3% reduction in car prices after GST, feeling it is insufficient or unlikely to be passed on fully to consumers. Several critics compare Malaysian car prices unfavorably to those in Thailand, Singapore, and the US, highlighting how Malaysians overpay due to policies like AP and high import duties. Critics also doubt that the reduction will be real, citing past unfulfilled promises and the likelihood that costs may increase due to taxes along the supply chain. There is widespread distrust in government agencies like MAI, with some comments pointing out that prices may stay the same or go higher despite claims of reduction. Overall, the sentiment is largely negative, with many disbelieving the effectiveness of the announced reductions and criticizing authorities for outdated policies.