Used car market set for additional development following Covid-19 pandemic

While local industries have broadly suffered in the wake of the Covid pandemic, apparently the used automotive market in Thailand has been doing fairly nicely. According to the Bangkok Post, the Association of Used Cars says the pandemic has contributed to strong market development. With commuters frightened of catching the virus on public transport, many have determined to buy a car.
According to the association, the pandemic boosted market growth by 20-30%, following 10% average yearly progress previous to its onset initially of 2020. Pinyo Tanawatcharaporn, the association’s president, famous that the market sometimes grows slowly at around 1-2 million vehicles a 12 months. However, it had acquired an unexpected boost sparked by Covid-related anxiousness, with used cars a very engaging option for consumers on a price range.
Adding one other factor to the weird financial circumstances, the market experienced an influx of vehicles from buyers who couldn’t sustain with repayments through the pandemic, with autos, typically nonetheless in good situation, having been seized by creditors.
Meanwhile, Pinyo mentioned that easing of the government’s lockdown and the plan to reopen Thailand “have created good sentiments amongst potential car buyers”, and the Bangkok Post moreover reports that Kasikorn Research Centre forecasts used automotive costs will rise by 5.5-7.5% this 12 months, which it mainly attributes to the pandemic’s influence.
Freebie expects that there shall be no steep value rises, partially because of the further supply of automobiles seized from consumers unable to fulfill repayments. Looking forward to subsequent year, the centre anticipates that prices will continue to extend, boosted by the business sector’s restoration in purchasing energy, creating further demand for used autos..

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