Over the last year, prices of both new and used cars shot up in Lithuania, sometimes up to 15%, LRT reports.
© DELFI (R. Achmedovo nuotr.)

Vehicles made between 11 and 15 years ago underwent the biggest price rise, €500 on average, car salespeople say. One of the factors was the introduction of the euro.

Economists say that Lithuanians still readily buy cars, despite higher prices and more expensive maintenance. Car ownership remains an important part of the identity of many a Lithuanian consumer, economists say, who a ready to spend a sizeable portion of their income to own a car.

"In this respect, we are an exception in Europe, since in other countries transport expenses make up less than one tenth of total consumption," Swedbank economist Nerijus Mačiulis says. "Even with the fall in oil prices, there has not been much change in that. In Lithuania, a car remains an important part. Even with cheaper fuel, transportation expenses remain high."

Nauseda: state bank shouldn’t be taboo

The existing situation in the Lithuanian banking market makes one to start thinking about the...

Lithuania not considering 'century bond' yet

The Lithuanian Foreign Ministry sees no need for issuing ultra-long debt yet, but might consider...

Cabinet backs retail and bank taxes

The Lithuanian Cabinet on Wednesday backed in principle new taxes on bank assets and retail...

Masiulis claims Grybauskaite asked for MG Baltic's positive coverage

Eligijus Masiulis , ex-leader of Lithuania's Liberal Movement, accused of accepting a bribe, claims...

Offices of the future will have to offer more than the working premises

The office becomes an important tool to attract employees and is now not just the work premises, but...