Sri Lanka, Sept. 18 -- A considerable drop in vehicle prices has been reported in the local market, with prices of small vehicles falling by at least Rs. 1 million, Vehicle Importers Association of Lanka (VIAL) Chairman Indika Sampath Merenchige said.

Speaking to the media, Merenchige said the current situation presented a favourable opportunity for people planning to purchase vehicles to reserve them.

He said most traders were currently selling vehicles at a loss, while market prices were expected to decline further.

"People who are planning to buy vehicles should consider reserving them at this stage," he said.

Merenchige added that the downward trend in vehicle prices could continue depending on market conditions, but vehicle pric...