Tribunal Puts Limit Oh Second – Hand Car Prices

Northern Advocate, 20 May 1949, Page 2

Tribunal Puts Limit Oh Second - Hand Car Prices

WELLINGTON, Fri. (Sp.).—From tomorrow motor cars imported ; since 1947 cannot be sold second-hand at more than their price when new. . . ■ , ,• . .. This is the effect of a price order which is pubhshed m tne Gazette last night. This restriction applies to all motor vehicles.

An official of the Price . Tribuna, said last night that the order related

to motor vehicles for which maximum prices had been authorised. This c»u}d be done either by a price order or a special authority given under the Control of Prices Act. In general, the effect of the new price order will be confined to vehicles imported since 1947. The second-hand price must not exceed the new price even if the vehicle may have been altered or improved since its first sale. The Price Tribunal official explained that the second-hand price was deemed to be the total money paid, together ;with the fair market value of any vehicle traded in as part of the proI posed price. j The “fair market value" of any vehicle traded in is defined as the . value of the vehicle if sold on the open ! market.

j If a vendor does not know the auI thorised price of a vehicle when new, 'the onus is on him to ascertain this from the Price Control Division. The Price Tribunal hopes that this price order will curtail effectively the present practice of selling second-hand cars of recent model at prices greatly ,in excess of those approved for the j same models when new.