Classic Cars

400% Markup Await Cubans Who Want New Cars

Now this is the true "Government Motors."

Only a few weeks ago the Cuban government announced that it’ll allow all citizens to legally import new and like-new used cars for the first time since the Revolution way back in 1959. For decades, Cubans were forced to find mechanical solutions for cars that dated back to the 1950s. As a result, the island nation became an automotive time capsule. Just as Cubans thought they could finally buy a car made in this century, their hopes of doing so appear to have pretty much been shot down.

It’s now being reported that the Cuban government is enforcing a 400 percent or more markup on new cars. For example, a state-run Peugeot dealership is charging $91,000 for a 2013 206, and - get this - $262,000 for a Peugeot 508. The average monthly wage in Cuba is $20. Something used perhaps? Not so fast. A 2005 Renault, for example, is selling for $25,000. Outside of Cuba it sells for $3,000 on the internet. Cubans, understandably, were beyond pissed off at what they’re seeing. Looks like most people are going to have to stick with their vintage cars for the foreseeable future.

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