Four things to look out for in the Thai used car market in 2014
1. IT LOOKS TO BE A BUYER’S MARKET AT THE START OF 2014: As previously reported in the Bangkok post, used car prices have dropped by as much 30% in 2013, and there are no signs as of yet that this is a trend which will be bucked by the beginning of 2014. What does this mean? In the first place, this means that, in the short term, this is definitely a buyer’s market. Prices dropping are a good thing for you, the consumer. After all, who doesn’t prefer to be able to buy cars at lower costs? If you’re looking to sell, however, fear not - the news is far from grim.
2. THE SILVER LINING FOR SELLERS: What goes up must come down, and that applies to the used car market in Thailand and beyond. Prices were, at one point, far up, and now they’ve begun to come down. What does this mean? It means that, at the very least, the market is open to change. Prices look to be on the downswing at the moment, but that doesn’t mean the seller is left out in the cold. Where there is a will—and innovation—there is a way.
3. THE RISE OF ONLINE AUCTIONS: One way the seller is battling back against a difficult market is with the rise of online auctions. From Australia to America to Thailand and beyond, used car sites that embrace the idea of online auctions are quickly garnering more traffic and, in turn, providing their sellers with an improved vehicle for selling their second hand cars and trucks. Online auctions allow you to reach out to a specific audience, set minimum prices, list all the pertinent information in such a way as to paint your car in the best light, and so on. If you have a used car for sale, you may want to consider a site which supports online auctions, or some version of that.
4. THE GLOBAL AUTO ECONOMY: Nothing happens in a vacuum. This is true of the used car industry and auto industry on the whole. Future fluctuations in the used car market, for Thailand and abroad, will depend greatly on what direction the auto market takes worldwide and, indeed, if the global economy turns the corner or continues to remain in first gear.
Posted: 15 January 2014