Photo: Louisburg Garage
Think that the new Toyota Corolla is not fairly priced? Well, you haven't been to Cuba yet, where a second-hand one costs as much as double the price of a new one in the US.
So far, the Cubans were driving only cars from the past, with 60's Chevrolets, Oldsmobile and Fords being their main daily drives along with some other sovietic vehicles. But now, with the government reforms taking place in the country, one of the 300 reforms put in pace by President Raul Castro made possible for more lax car sales policies.
Cubans started the new year with the right to buy new and used vehicles from the state without special permission for the first time in 50 years. But with the state maintaining a monopoly over the retail sale of vehicles, markups of 400 percent or even more made new possible buyers to change their minds.
For example, a used Toyota Corolla can be purchased for around $40,000. Add in the fact that one's average income is about $20 per month there and you can estimate that an average family will be able to buy one in about 80 years.
And if you thought a second-hand Corolla is a fortune in Cuba now, wait until you step through the door at the Peugeot dealership and check the $262,000 price tag for a 508 model.
Cubans started the new year with the right to buy new and used vehicles from the state without special permission for the first time in 50 years. But with the state maintaining a monopoly over the retail sale of vehicles, markups of 400 percent or even more made new possible buyers to change their minds.
For example, a used Toyota Corolla can be purchased for around $40,000. Add in the fact that one's average income is about $20 per month there and you can estimate that an average family will be able to buy one in about 80 years.
And if you thought a second-hand Corolla is a fortune in Cuba now, wait until you step through the door at the Peugeot dealership and check the $262,000 price tag for a 508 model.
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