How much does a car cost in Jamaica?
Over the last few years, the cost of both a new and used vehicle has been steadily increasing across all manufacturers. Though the increase has been small, it does make a difference when it comes to determining what’s considered affordable to most Jamaicans’ budgets.
Looking back five years, the average price of a new vehicle was JMD $1,400,000. Now, the cost has risen to JMD $1,600,000. When it comes to the price of a used vehicle, the average price varies.
Overall, this increase is fairly small over the five year period for new vehicles.
Looking at individual vehicle categories, the price has increased slightly. The average truck price is approximately JMD $2,000,000. Whereas the average passenger cars averaged JMD $1,600,000.
So, what’s the case for us having to pay for more expensive new and used vehicles?
There’s several factors to take into account:
- The growing demand for SUVs and trucks - vehicles which are expensive than most passenger cars.
- Incentive increase - dealerships need to meet a certain quota.
- Another key factor of course is inflation, which can’t be avoided.
If you are seeking to purchase a new or used car, don’t put stress on your bank account. Below are a few other key factors to help you:
- Go with a longer loan term
- Consider a co-signer
- Negotiate for a lower interest rate
- Use our car loan calculator
Don’t let increasing costs of purchasing new vehicles deter you from buying your dream car. Used cars are less expensive vehicles and can be a very attractive option.
For more tips on car purchases and cost, check out our classifieds listings to see the average price meter for the specific make and model vehicle viewing.
Average Price Meter
NB: The average assumed costs shall not by any means be considered as a substitute for the real value of the item. The average price meter serves as a rough estimate calculated from the price field of similarly posted listings to be used as a guide only.
The average price meter is designed to help you see the average market price of similar cars and also may help you to make a better purchasing decision.
How it works
The meter calculates the price of an item in relation to its average market price. The average price is shown as a graph where the price position of the viewed listing is located on an X-axis in relation to the difference with an average price. The average price calculation is done on the basis of forms with relevant criteria configured in the back end. The average price will appear on some listings as an indicator.