The Malaysia Automotive Institute (MAI) has come out to say that an impending increase in car prices next year as hinted by local distributors has not been confirmed, as it hinges on the ringgit’s value against major currencies, Bernama reports.

Chief executive officer Madani Sahari told the media that there is still just under three months left in 2015 – enough time, he claims, for the currency’s foreign exchange to improve.

“Things can change. We have seen the ringgit appreciating in the last one week, so it is not impossible for it to achieve a much better level by January,” Madani said. He added, however, that now would be the best time to buy cars as this would be the period carmakers throw various promotions to meet year-end sales targets.

So far, UMW Toyota Motor has already confirmed a price increase of between 4-16% on Toyota and Lexus models next year, while Edaran Tan Chong Motor (ETCM) has stated that it is considering such a hike on Nissan vehicles if the ringgit continues to fall. Honda Malaysia has reportedly also said that a price increase on its models could be on the cards.