Hike in car prices not conclusive, says MAI

A car price hike next year as suggested by carmakers is still not conclusive, as it depends on the performance of the ringgit, the Malaysia Automotive Institute (MAI) said.

Over the last few weeks, car manufacturers such as UMW Toyota Sdn Bhd and Edaran Tan Chong Motor Sdn Bhd had announced plans to increase car prices next year following the weakening of the ringgit.

MAI Chief Executive Officer Madani Sahari said there is still less than three months left before the new year and the ringgit could rebound to a better level during the period.

"Things can change. We have seen the ringgit appreciating in the last one week, so it is not impossible for it to achieve a much better level by January," he told reporters after launching the Formula SAE ASEAN 2016 here today.

Nevertheless, he said for potential buyers in need of a car and have the affordability, now, is the best time to buy one due to the various promotional campaigns by carmakers to boost sales.

He said as Malaysia's car market gets more competitive, manufacturers have initiated various campaigns to attract buyers and provide them value for money ownership.

On the Formula SAE ASEAN, Madani said MAI expects the prototype car race to be organised in 2017, and involving participants from ASEAN universities.