Honda Malaysia has released its full GST price list - all locally-assembled (CKD) models and their variants are cheaper by between RM500 and RM2,500 except for the fully-imported (CBU) Odyssey, which sees an increase of RM1,008 for the EX and RM513 for the EXV.
The Odyssey is Honda Malaysia's only CBU model - all other models are assembled in Pegoh, Melaka. The company attributes the differences in price drops to the different features and accessories in each model and variant, and says the price drops are due to savings from the implementation of GST being passed down to the consumer.
"In the automotive industry, the difference in the car prices is not as straightforward as 10% minus 6% as there are many factors involved. The main difference in the tax calculation is the difference in the taxable base for SST (Sales and Services Tax) and GST," said Honda Malaysia MD and CEO Yoichiro Ueno.
"For example, the SST was based on the distributor's value of the car and is then charged 10% tax excluding dealer margins, transportation costs, handling fee, accessories and other miscellaneous distribution costs while GST is charged based on the final selling price of the car on the road."
And it's not just the cars themselves - Honda Malaysia has also announced that its spare parts will now be cheaper by 3.7% on average, across all models. GST will be added to the labour charge, but the total maintenance cost is estimated to be reduced by 2-4%, depending on the model.
"We hope that the market will stabilise promptly after the introduction of GST. We will also continue to work closely with our suppliers and dealers, and monitor our finance processes to ensure the correct calculation of the GST in order to avoid under-charging or over-charging of the new GST," Ueno said.
