Used Vehicle Prices Up Significantly, Venezuela

The country with the largest oil reserves and the world’s cheapest gasoline has this peculiarity: a result of exchange controls imposed by the government of Hugo Chavez in 2003, which hampered the acquisition of foreign currency to import vehicles and parts, auto supply new dropped and prices soared, especially those used. A Mitsubishi Lancer bought used in 2006 for 55,000 bolivars ($ 12,800 at the official exchange rate) this year sold for 120,000 bolivars. A used Mercedes 320 SLK 2002 bought in 2008 for 180,000 bolivars is now at 280,000, according to dinero.com. Read Article