Honda Malaysia has announced price hikes for the Jazz, City and CR-V models effective 21 February 2020. The price revision affects all petrol models, ranging between 5.3 percent to 9.25 percent.
The base 1.5 S variant for the Jazz is now MYR75,300, up 7.20 percent or MYR5,508. The E variant is up 6.66 percent or MYR5,084 to MYR81,400, while the top-rung V variant is up 6.06 percent or MYR5,067 to MYR83,633.
For the City, the base S variant is now MYR78.500, 6.32 percent or MYR4,664. Meanwhile, the E variant is up 5.81 percent or MYR4,645, to MYR84,600. Finally, the V variant goes for MYR91,600, a hike of 5.31 percent or MYR4,617.
The price revision hit Honda’s premium SUV the hardest.
The base 2.0 2WD CR-V now retails for MYR151,100, up 9.25 percent or MYR12,792. The 1.5TC 2WD is priced at MYR163,700, a hike of 8.42 percent or MYR12,708. Meanwhile, the 1.5TC 4WD variant now goes for MYR169,500, up 8.15 percent or MYR12,768. Lastly, the top-of-the-line 1.5TV-P 2WD is now MYR175,900, up 7.79 percent or MYR12,709.
The company said that the higher prices of selected vehicle models follow the review of the Completely Knock-Down (CKD) customised incentive. This customise incentive is different from the earlier-announced excise valuation regulation by the Ministry of Finance (MoF) which was expected to not affect vehicle prices.
However, based on the Excise (Determination of Value of Locally Manufactured Goods for the Purpose of Levying Excise Duty) Regulations 2019, CKD vehicles will be liable to pay more taxes.
This is due to the methodology of how the open market value (OMV) of a vehicle is calculated has been changed.
Honda said the price adjustment will be synchronised across all of its 100 dealers nationwide.