Kuwait Times, Tuesday, Aug 24, 2021 | Muharram 16, 1443
Kuwait looks to regulate local used car trade market
Emirates:
Kuwait’s traffic
authorities are studying the possibility of setting a limit for the maximum
number of cars non-Kuwaiti residents in the country can own, in an effort to
regulate the local used car market. According to a local report, authorities
became alerted of a situation where people in Kuwait have up to 50 vehicles
registered in their names at the same time, as they trade in used cars without a
proper license, taking advantage of the law that allows people to freely sell
vehicles they own to others without paying substantial fees, as well as the lack
of a ceiling for the number of vehicles one person can own.
After conducting a survey on the situation,
authorities became convinced that the local used car trade market needs more
regulations, such as obtaining a license from the Ministry of Commerce and
Industry for an annual fee, and putting a cap on the number of vehicles a person
can own, according to sources with knowledge of the situation.
“It was also discovered that some residents buy a
large number of vehicles, then lease them to others in exchange of a monthly
payment,” said the sources who are quoted anonymously in a report published by
Al-Rai Arabic daily yesterday. The sources specifically mentioned that
authorities are studying introducing restrictions on car ownerships on residents
only, although a decision on that regard is not final yet.