News Forum - Used car market set for further growth following Covid-19 pandemic

[Thaiger]

While local industries have broadly suffered in the wake of the Covid pandemic, apparently the used car market in Thailand has been doing fairly well. According to the Bangkok Post, the Association of Used Cars says the pandemic has contributed to strong market growth. With commuters fearful of catching the virus on public transport, many have decided to buy a car. According to the association, the pandemic boosted market growth by 20-30%, following 10% average yearly growth prior to its onset at the beginning of 2020. Pinyo Tanawatcharaporn, the association’s president, noted that the market typically grows slowly at around […]

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[AlexPTY]

is this because so many people defaulted on a new car loans?

[KaptainRob]

Wait until semi-conductor and magnesium shortages hit.   Used car lots are chokka with near new cars yet people will can ill afford the deposit are buying NEW on low% terms.  Just more pain to come.

[AlexPTY]

3 minutes ago, KaptainRob said:

Wait until semi-conductor and magnesium shortages hit.   Used car lots are chokka with near new cars yet people will can ill afford the deposit are buying NEW on low% terms.  Just more pain to come.

for years i was watching my Thai neighbors getting a new car every few years, i don't think Thais really into second hand vehicles (red plates don't really look flashy on a 10 years old car, unless it's a BMW)

[KaptainRob]

8 minutes ago, AlexPTY said:

for years i was watching my Thai neighbors getting a new car every few years, i don't think Thais really into second hand vehicles (red plates don't really look flashy on a 10 years old car, unless it's a BMW)

Low or even NO % interest rates have seduced Thai's into buying new plus they have a 'thing' about only buying new houses as well.  I've always put that down to fear of the 'phi' (ghost) but I think it's more to do with prestige or 'face'.

[AlexPTY]

4 minutes ago, KaptainRob said:

Low or even NO % interest rates have seduced Thai's into buying new plus they have a 'thing' about only buying new houses as well.  I've always put that down to fear of the 'phi' (ghost) but I think it's more to do with prestige or 'face'.

absolutely right... they will sleep on the floor, but drive a new car

[Randalltexcobb]

6 minutes ago, AlexPTY said:

absolutely right... they will sleep on the floor, but drive a new car

That’s not even close to true 

and the ones that have cars that are new have to show job etc done it with partner a few times

you might be surprised that neighbours get new car every three years 

That’s normal most parts of world 

you do understand Tesla itself is 1000 per share 

the world has moved on mate 

Things are bad when you post here 24/7 and watch neighbours all day 

someone lives on a small budget 

the quicker they bring in insurance 3 plus mil and make these long stay guys show more money 

you will get this 

[Jason]

Interestingly (and I have no expertise in this field), the same things is happening in my country. New car sales down, but late model used cars are actually eating better prices than new cars! Can't remember ever seeing that....but it's happening.