Used car become a choice for people to save money during Covid-19 and economic downturn. The information from KKP Research shows the new cars sale volume has decreased for 37%, but the new cars sale volume just decreased for 15%. Also, used car has been 2 times more frequently searched on internet after lockdown. These are the sign for positive growth. From the investor’s perspectives, there are many factors that drive the growth of used car in Thailand, including,
1stfactor : Used cars are easier to afford.
For middle income budget, used cars offer valuable alternative to saving money during economic slowdown. Although the global worldwide car sale decline, the number of used car sales do not effect much because more consumers are interest in used car in the weaker economy.
2ndfactor : The concerns about health from using public transportation
In the COVID-19 crisis, people are more concern about health and risk for severe illness from the virus, and as a result, used car is an alternative for prevent getting and spreading COVID-19 to keep social distance.
3rdfactor : Public transportations in Thailand do not cover all of areas.
Transport networks and infrastructure issues results in limited access to public transportation. According to investor’s perspective, used car is solution for convenient travel and saving money during the economic downturn.
4thfactor : The concerns about car accidents in Bangkok
With Bangkok’s traffic problem, there is high risk for road traffic injuries. Because the price gap in average monthly payment between new and used car is widening, the investors would rather choose used car to pay lower insurance rate.
These are the investors perspective toward the growth of used car market in Thailand. If you find good used car with reasonable price, it is worth buying. The first one-stop service platform for matching buyers and sellers of the used car in Thailand, JustCar, is ready to serve the growth of used car market in Thailand to offer the complete range of repair services, certified used car with reason price and online platform to meet customers’ needs. Justcar is now open share issuing on Sinwattana Crowdfunding platform.
For investor who interest in Crowdfunding and used car market, you can find out more on Equity Crowdfunding at https://equity.sinwattana.com, or join the roadshow https://www.eventpop.me/e/9576/justcar