Visitors appearance at pre-owned automobiles at the Fast Auto Show Thailand. Sales of utilized automobiles were slow in the veryfirst half of the year. Somchai Poomlard More automobiles with less indications of wear gettingin the utilized vehicle market is not constantly excellent news for sellers, although purchasers definitely value it. Just as carmanufacturers are experiencing a hard time selling brand-new carsandtrucks in Thailand, utilized carsandtruck dealerships are likewise havingahardtime to boost sales. The pre-owned vehicle market turned slow in the veryfirst half of2024 Though the scenario is anticipated to enhance in the latter half, utilized carsandtruck sales are mostlikely to face a slump onceagain in 2025, according to market leaders. An electrical lorry charges at the Fast Auto Show Thailand. A rate war in the EV sector triggered individuals to hold-up acquiring choices. Wichan Charoenkiatpakul MORE SEIZURES The number of took automobiles is anticipated to reach 200,000 lorries this year, stacking more pressure on the utilized automobile market. This oughtto be excellent news for sellers, with numerous secondhand carsandtrucks for them to select from following impoundment from owners who stoppedworking to pay instalments. Yet these carsandtrucks gethere at a time when utilized automobile sales slowed inbetween January and June. Many pre-owned carsandtruck suppliers do not have enough cash to buy took lorries to include to their stocks duetothefactthat sales haveactually been weak. Lots of utilized automobiles are still on displayscreen, according to operators in the market. Many pre-owned carsandtrucks are in great condition as they were repossessed by banks and financing business from owners who had them for a brief duration, before being put up for auction. However, this does not mean they can be resold at greater costs, as weak customer acquiring power and high interest rates for pre-owned vehicle loans mars the market, stated Vithavat Thongves, secretary-general of the Federation of Thai Industries’ Automotive Industry Club. “We are tracking carsandtruck seizures, which keep increasing this year amidst the financial downturn that has lasted for months,” stated club chairperson Yuphin Boonsirichan. In 2023, some 250,000 cars were took, according to the club. Seizures average 150,000-180,000 cars a year when the economy is healthy, stated Mrs Yuphin. “Most of the taken lorries are pure pickups, which are generally owned by individuals who run little organizations and are dealingwith monetary issues,” she stated. Many little and medium-sized business (SMEs) are still reeling from the effect of the pandemic, while others are suffering from bad sales throughout the financial slump. These SMEs requirement more funds to offer with their liquidity issues, however ha
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