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In Cuba, a Toyota Corolla will cost you nearly $40,000

Friday, Jan 03, 2014 - 01:20

Jan. 3 - Government reforms in Cuba now make it so that Cubans can shop for new and used cars -- but with mark ups of 400 percent, they're eye candy more than anything else. Gavino Garay reports.

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Cubans now have the right to shop for new cars. For the first time in fifty years, they don't need special permission from the government. But with markups upwards of 400 percent, it doesn't seem like they'll do much buying. A Toyota Corolla at at this Peugeot dealership will cost you nearly $40,000 -- and it's not even new. Some 2013 cars, like the Peugeot 206 is going for $91,000. Gilberto Lozano isn't sold. (SOUNDBITE) (Spanish) GILBERTO LOZANO SAYING: "This is insanity. There isn't one person who can buy something here. They gave my dad a letter three years ago and we have been gathering money between the entire family here, family members in Miami have sent me money and now, it isn't enough." Before September 2011, only cars that were in Cuba before the 1959 Revolution could be freely bought and sold. The new, more lax car sales policy is one of 300 reforms put in place by President Raul Castro. Newer cars are available for Cuban diplomats and doctors who serve abroad at lower prices. They're then often times resold at up to five times the price.

In Cuba, a Toyota Corolla will cost you nearly $40,000

Friday, Jan 03, 2014 - 01:20

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