Yes, cars can be considered relatively expensive to buy in Cyprus compared to other countries due to high taxes and import duties.
Those that desire to receive further information
Yes, cars can be considered relatively expensive to buy in Cyprus compared to other countries due to high taxes and import duties. According to Eurostat, in 2020 the average price of a new car in Cyprus was €34,441, which is higher than the EU average of €25,463. This can be attributed to the high import duties and taxes imposed on cars in Cyprus, which can be up to 50% of the car’s value. In addition, the high demand for cars in Cyprus also contributes to their higher prices.
As the Cyprus Mail reported in 2019, “Vehicles are taxed on the basis of their engine capacity, regardless of their age, with 55% tax on engines larger than 2.5 litres”. This means that buying a larger car can significantly increase the price due to the high taxes. However, it is worth noting that Cyprus has a well-maintained road network and relatively low fuel prices, which can offset some of the higher costs associated with buying a car.
A table comparing the prices of new cars in Cyprus and other EU countries can illustrate this point further:
| Country | Average price of a new car (2020) |
|---|---|
| Cyprus | €34,441 |
| Germany | €33,443 |
| France | €24,157 |
| Spain | €20,997 |
| Greece | €17,568 |
| Bulgaria | €14,918 |
As the table shows, the average price of a new car in Cyprus is higher than in most EU countries, including Germany. These higher prices can be a barrier to car ownership for some Cypriots, as well as a challenge for the automotive industry in Cyprus. However, government initiatives such as tax breaks for electric vehicles and incentives for car-sharing schemes are being implemented to help make car ownership more affordable and sustainable in the country. As Aristotle once said, “We are what we repeatedly do. Excellence, then, is not an act, but a habit.” The habit of incentivizing sustainable transportation can eventually lead to a more sustainable society.
In summary, cars in Cyprus can be considered expensive compared to other countries due to high taxes and import duties, with the average price of a new car being over €34,000. However, the availability of well-maintained roads and relatively low fuel prices can help to offset some of the costs associated with car ownership. The government is also implementing initiatives to make car ownership more affordable and sustainable.
Response via video
Rico provides advice on buying a good and cheap car in Cyprus. Finding the car is said to be the hardest part. Rico recommends checking the condition of the car due to the hot weather and bad roads in Cyprus, and using Bazaraki’s mechanic service to inspect it. Luxury or exotic cars are not recommended because they have few spare parts on the island. He suggests buying a car 2005 or newer, priced between 3,000 to 6,000 euros, and checking out Facebook Marketplace, Bazaraki, and direct contacts. Test drives, asking questions about the car, and inspection by a professional are important before buying. Buyers are also advised to negotiate, trust their gut, and obtain necessary documents and insurance.
Other methods of responding to your inquiry
New and used cars are more expensive to buy in Cyprus than the UK. It may be more cost-effective to purchase a car on the island, however, if excise taxes add up when shipping yours over. It’s worth noting that cars tend to retain their value more in Cyprus than they do in the UK.
New and used cars are more expensive to buy in Cyprus than the UK. It may be more cost-effective to purchase a car on the island, however, if excise taxes add up when shipping yours over. It’s worth noting that cars tend to retain their value more in Cyprus than they do in the UK.
Second-hand cars in Cyprus are expensive, due to historically high customs/import duty. Duty-paid vehicles are available for anyone to purchase.
I am sure you will be interested in this
The number of registrations of saloon cars in the first quarter of 2023 totalled 7,049. The most popular car brand was Toyota, with 1,338 registrations, followed by Mazda (772) and Nissan (628). BMW came fourth with 532 registrations, followed by Mercedes with 442.