Second-Hand Price Of 1947 Vehicles Cannot Exceed New

Gisborne Herald, Volume LXXVI, Issue 22952, 21 May 1949, Page 6

Second-Hand Price Of 1947 Vehicles Cannot Exceed New

(P.A.) WELLINGTON, May 20. Second-hand motor vehicles imported since 1947 shall not be sold from today at prices higher than tiiose approved for vehicles when new. This prohibition is imposed by a price order published in the Gazette yesterday.

The Price Tribunal issued a statement in which it expressed the hope that this price order would effectively curtail the present practice of selling second-hand cars of recent model at prices greatly in excess of those ap« Droved for the same models when new. The tribunal explained that the order related to motor vehicles for which maximum pric.es had been authorised pursuant to the price order of the special authority given under section 16 of the Control of Prices Act, 1947. In general, its effect would be confined to vehicles since 1947. Even though the vehicle may have been altered or improved since its first sale, the second-hand price must not exceed the new price. The second-hand price was deemed to be total money paid, together with the fair market value of any vehicle traded in as part of the proposed price. “The fair market value” of any vehicle traded in was defined as tlje value of the vehicle if sold on the open market.

The tribunal stated that if any vendor did not know the authorised price of a vehicle when new the onus was on him to ascertain it from the price control division.