Despite relaxed laws to encourage automobile purchases, dealerships in Cuba sold just 50 cars and four motorcycles during the first two quarters of the year due to skyrocketing car prices.
New Cuban law took away restrictions on vehicle purchases for the first time in 50 years, but the measure that took effect in January came along with listing prices marked up by 400 percent or more, Reuters reported.
According to official website Cubadebate.com, sales at the 11 dealerships in the country totaled $1.28 million in the first half of the year under new prices, which put family vehicles on par with pricey European sports cars.
Many Cubans were thrilled to hear about the new regulations until they saw the steeply raised sticker prices.
Even the 50 cars sold appeared to be mostly used vehicles since the average sale price came to about $23,759 apiece, according to Reuters.
In one example of the listing price boost, a Havana Peugeot dealership was selling a 2013 model 206 for $91,000 prior to the relaxed regulations but afterward wanted $262,000 for the sportier 508. In contrast, most Cuban state workers make about $20 per month.
Licensed state dealerships additionally sell used vehicles for much lower prices, cars that are frequently former rentals and already have high odometer readings, the Associated Press reported.
Cuba, which formerly required people to request government authorization before buying a car from state retailers, has been gradually relaxing rules for the auto market. Buying and selling used cars has only been allowed since 2011.
Prior to the shift, the only cars in Cuba that could be bought and sold freely had been in the country since before the 1959 revolution. Cuba's population numbers around 11 million.
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