July 4, 2014
After Cuban government “opens” up for business, most people still can’t afford cost of new and used cars
This year has brought massive change to Cuba’s automotive culture as residents of the island nation are now allowed to purchase new and used cars from a number of state-approved dealers. However, due to massive price markups, it has left purchases out of reach for most Cubans.
According to Reuters, dealers in Cuba only sold 50 cars and four motorcycles for the first six months of 2014.
Most of the vehicles sold were formal rental cars. But, due to prices being marked up 400 percent or more, the majority of Cubans still can’t afford the vehicles nor could they in their lifetimes.
One example sees a 2013 Peugeot 206 being sold for $91,000 USD. The sportier Peugeot 508 had a list price of $262,000 USD.
The average price of a vehicle sold in Cuba for the first six months of 2014 was $23,759 per vehicle, including motorcycles.
Most state workers in Cuba make $20 per month.