A $29,000 Car Costs $262,000 In Cuba

We've heard about cars in developing nations being ridiculously expensive, but nothing like what's going on in Cuba. Cuba recently started allowing the sale of new cars, and they're trading for 10 times their European price.

For example, a Peugeot 508 is $29,000 normally. In Cuba, you can get it for a mere $262,000. That's a lot of coin for a midsize French sedan that might (I'm going off stereotypes here) break down all the time. And it's not like the people there are rolling in dough. On average, they make about $20 each day.

Obviously, people who thought that the new arrival of these cars would mean they could replace their old dilapidated ride with something a bit more modern are upset about how these cars are being priced.

What this means is that for all of you who like to wax poetic about Cuba's fleet of old American cars won't have to worry about them all being replaced in one week.

Photo Credit: Getty Images