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Cuban Car Buyers Shocked at High Foreign Car Prices

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For the first time since the 1959 Cuban revolution, foreign-made cars are back on the market in Cuba—and it seems that they are starting off on the wrong foot by carrying some unfathomable prices. With a state monopoly on new car sales, there have been massive mark-ups across the board: in one example, Cuban car buyers are offered the opportunity to buy a Peugeot 508 for a pittance-price of $262,000. Peugeot lists the 508’s starting price right around $29,000.

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The average state salary in Cuba is roughly $20 a month.

Peugeot 508

The Peugeot 508

While the ability to import foreign autos is definitely a move in the right direction for Cuba, this move towards new car sales will benefit a minority of the population. The masses are extremely upset, seeing the situation as madness. According to a report from BBC News, one said, “The prices are crazy. No Cuban who works for the state can buy at that price. They have zero chance of getting a car.”

On the other hand, the government argues that profits from the high new car prices will be put towards a public transport, since there is a dire shortage of transportation for those who can’t afford cars. It can only be surmised that the measure to overprice cars that Cuban car buyers cannot even remotely afford in the first place in order to provide public transportation to those poorer Cubans who couldn’t afford $262,000 cars if they could work for thousands of years is only slightly counter intuitive.

What can potential Cuban car buyers do to escape from ridiculous mark-ups? Leave us your comments and let us know.

  • Margaret Cabral

    buy the car overseas and ship it to Cuba would be cheaper if they can afford the $30,000. price tag
    certainly cheaper then buying it in Cuba. If they are able to by pass the Cuba market by buying
    overseas. I think most would be better off buying something used overseas if they can for $10,000.
    a 7 year old car.

  • ActionScripter9109

    The picture in the article is wrong. The car depicted is a 1964 Ford Mustang, not a modern Peugeot 508.

    Of course, since this is a couple years old, who knows whether that’s even the same image that was originally selected.

    • Thanks for the comment! You were absolutely right; the image has now been updated.