BANGKOK, 10th October 2013 The government’s first car buyer scheme caused the second-hand car market to slump by 20% in 2013.
According to the Thai Association of Used Cars, the second-hand vehicle market is worth 6-7 hundred billion baht and has a growth rate of 5-10% each year. However, in the past 9 months the number of vehicles sold has shrunk by 20%.
The industry has, however, begun to recover thanks to more cars entering the market, pulling down pre-owned vehicle prices while boosting sales at the same time. The association is confident that the market will be back to normal by next year.
Pre-owned vehicles usually cost around 25% less than new ones, making them a popular choice among car buyers. In 2014, the Association will join hands with financial institutions creating campaigns and organizing seminars for used car dealers, on how to boost sales.
