Cuba sells just 50 new cars in first half

For the first time in five-decades Cubans have access to brand new vehicles, but citizens aren’t flocking to the island nation’s dealerships.

In January Cuba lifted restrictions barring new car sales in the country, making it possible for residents to replace their aging 1950s American cars with brand new metal. However, few are taking advantage of the new law, with the country’s 11 dealerships recording just 50 car and four motorcycle sales during the first six months of the year.

But those figures aren’t for a lack of demand. Rather most Cubans are simply priced out of the market.

According to Reuters, those 54 sales added up to $1.28 million, netting an average selling price of about $23,700. That might not sound like a lot to pay for a new car, but the average Cuban takes home a mere $20 per month.

Moreover, some dealers have instated massive markups since the law was passed. For example, one Peugeot dealer is asking $262,000 for a 508, which lists for 25,250 euros ($34,300) in Europe.

While new cars will probably be off-limits to all but the privileged few for the foreseeable future, Cuba’s used car market is at least loosening up. Three years ago the country began allowing the free trade of used cars between citizens. Prior to that 2011 law, only cars pre-dating the country’s 1959 revolution could be bought and sold.