The Bangkok crystal ball - Four things we see happening in the used car market in 2014

The Bangkok crystal ball - Four things we see happening in the used car market in 2014
As we near the end of 2013, the news has been far from sunshine and roses for the used car market. With the introduction of new government policy, used car sales are continuing to tumble. The government’s rebate program has resulted in many first-time buyers looking to new, eco and economy-friendly models in the last few months, and as young first-time buyers are one of the key demographics for used car dealers, this has naturally meant that prices have taken a tumble. But what does 2014 hold in store for the used car industry? Here are four things we see happening for used car dealers, buyers, sellers, and the market overall in the year to come.

1. DEALERS WILL LOOK TO CASH IN ON THE GREEN REVOLUTION: One of the biggest blows to price of used cars this year was the aforementioned shift in what first-time buyers were looking to and were able to purchase. With the new government reforms making economy and eco-friendly cars easier to buy for young first-time owners, many have gravitated towards these cars and away from used car dealerships. However, there are still plenty of used cars on the market which are likewise eco-friendly, and can be sold at a very economic price, for dealer and purchaser alike. As such, look for “green cars” to see a resurgence in used car lots in the year to come.

2. BUYERS WILL CONTINUE TO BENEFIT: It’s definitely a buyer’s market right now, and while there are definitely some forces which may cause shifts in that buyer-seller balance of power, it’s still definitely a buyer’s market at the moment. If you’re looking to buy a Thailand used car, now is definitely the time, as used car prices have never been better.

3. SUCCESSFUL SELLERS WILL BENEFIT FROM THIS NEW BUYER’S MARKET: It’s not all gloom and doom for those looking to sell their second hand cars, however. Indeed, far from it. A buyer’s market may mean that the price momentarily tumbles, but that, in turn, increases interest in and awareness of the product. There are a great many ways in which sellers can still turn great profits in a buyer’s market. Different financing options and online auctions are just two ways that used car dealers are catering to their customers in a buyer-friendly market and still turning a profit. If you’re looking to sell your car, fear not—these and other strategies can help you sell your car for a reasonable price.

4. BANGKOK’S OVERALL CAR MARKET LOOKS PRIMED FOR ADVANCE: As Bangkok and Thailand continue to make their presence felt more and more on the world stage, the importance of the Thai car market will likewise increase. All of this bodes well for industry growth in the year to come. Whether they’re new or used cars being sold, 2014 looks promising for Thailand’s auto industry, GDP, and overall potential for economic growth.

Posted: 15 January 2014