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A used car is a previously owned vehicle and not a brand-new vehicle. A pre-owned automobile, sometimes known as a secondhand car, is one that has had one or more retail owners in the past.
Various businesses, such as independent and franchised auto dealers and rental car agencies, sell used cars.
The Namibia Used car Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
Namibia increases second hand cars age restriction. The Ministry of Industrialization and Trade raised the age limit for the importation of non-commercial used automobiles from the previous 8 years to 12 years.
According to the Ministry, the new measures are an interim measure of assistance for the second-hand automobile business under the current economic circumstances and will be in place for a period of two years.
Given the current state of the global economy and its impact on Namibia’s economic sectors and industries, the decision was made to boost industrial performance.
The MIT will also conduct yearly evaluations of the state of the world economy to look for any improvement that might require the withdrawal of the two-year relief measure.
The legislation limiting the age of automobiles was initially put into place to allow citizens to import vehicles older than five years. However, laws were tightened two years later to deter locals from importing vehicles that were no older than five years.
We applaud the government for making an effort to address the secondary market shortages, but we do not necessarily believe that this is a prudent financial choice for local Namibians given that vehicles over 12 years old may be more susceptible to various mechanical problems than vehicles under 8 years old.
From a personal financial standpoint, buying a car that is less than 12 years old would likely result in lower repair or part replacement expenditures.
