|Venezuela to Impose Price Freezes on Used Cars|
|by Tom McGregor||Thu, Dec 5, 2013, 09:03 PM|
Venezuela has declared war on used car sales dealers and they are forbidden to raise prices on the cars they sell to the public.
BBC News reports that, "Venezuelan President Nicolas Maduro has signed a decree controlling the price of new and second-hand cars. New cars are currently hard to find, and Venezuelans often have to pay very high prices for an used car."
Used car sales face imprisonment of up to 12 years if they are found guilty of over-charging buyers for the vehicles they sell.
According to the BBC, "The legislation says old cars cannot be sold at prices higher than new cars. More details will be available when the legislation (decree number 625) is published on Thursday."
Venezuela is attempting to clamp down on surging inflation rates as consumer prices have soared 21.2% for 2012.
To read the entire article from the BBC News, link here:
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