The Bahamas, an archipelago of about 700 islands and 2,400 uninhabited islets is a popular tourist destination. It is one of the most prosperous countries in the Caribbean region with good per capita income. As the taxes on new vehicles are quite high, people can’t afford them and have to go with used cars. A lot of used vehicles from Japan are imported to Bahamas as these are reliable, comfortable, durable and within reach. It is common to a see large number of second hand cars on the roads of the Bahamas.
With the increasing prices of new vehicles, buyers are finding better value in pre-owned market that result in the growth of the used car market. Generally, used vehicles from Japan, Far East and US are imported into the country. However, out of all, Japanese vehicles are quite popular ones. Even parts of Japanese vehicles are well-liked in the Bahamas. The slow growth of new market has in turn contributed to continued growth in the used car market. The new car market of the Bahamas is led by two Korean brands Kia and Hyundai. Around more than half of the market is captured by these vehicle brands.
This flourishing nation of the Caribbean region permits the importation of only left hand drive vehicles. If the vehicle imported from a right-hand drive country the headlights will need to be shifted to the left side. Used vehicles imported in the country should not be more than ten years old. Special permission is required for importation of trailers and caravans. Once the vehicle enter in the country, it is taken for inspection and licensing to the Road Traffic Department.
Demand for used vehicles in this archipelago nation is increasing consistently. In the year 2013, 2,954 units of used vehicles were imported, while in 2014, the figure increased and reached to 3,809 units. Even in the first quarter of the current year, around 1,876 used vehicles from Japan were exported to the Bahamas. The used car market of the country is thriving. The high prices for buying new vehicles has changed consumers’ behavior and purchasing patterns. There is a drastic shift towards used autos as they offer substantial value to buyers.
Used vehicles import statistics for last 5 years-
- (a.) Port- Freeport
0-14 m3 – US $ 165
14-20 m3- US $ 175
- (b.) Port- Nassau
0-14 m3 – US $ 145
14-20 m3- US $ 155
Major ports- Freeport and Nassau
The Bahamas, an archipelago of about 700 islands and 2,400 uninhabited islets is a popular destination for Japanese used vehicles. Demand for used vehicles in this island nation is increasing consistently. The country permits the importation of left-hand drive vehicles that should not be more than ten years old. The slow growth of new market has in turn contributed to continued growth in the used car market.