1. 64.7% of the Filipino population is in the age bracket of 15 and 64 years old, thereby demanding more used car
More trends and Developments Used Car Market Philippines
- As of 2021, ~64.7% of the Filipino population is in the age bracket of 15 and 64 years old. This states that a huge chunk of the population consists of Millennials, who don’t have the financial stability to afford a new vehicle; hence they resort to the pre-owned units in order to meet their requirement of a dream car.
- Online used auto portals like Philtokse.com, Auto Deal, Carmudi.com not only assist the individual find the desired car variant, but also successfully simplify the buying process. As most of the young population in the country is internet savvy, these platforms help them to make better decisions when it comes to purchasing a used car from the dealers.
2. Social Media spurring demand for pre-owned cars in unorganized market
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The online social media websites and chat windows in Philippines are the main growth driver of the unorganized sale of pre-owned vehicles in the country.
- The reason being that the vehicles can be listed on the personal web pages of the individual car seller which is 100% free of charge.
- On the other hand, they can approach a freelancer/ multi brand dealer having a Facebook page in the name of their dealership.
- These free lancers can also list the vehicle for a negligible price point on behalf of the Individual seller. The unorganized market is very big and has to thousands of buyers and sellers who are willing to buy used cars due to price differentiation.
3. Thinking of buying a used car? Consider buying a repo, also known as a bank repossessed car
The repossessed car market of Philippines is dominated by banks and fewer non-banks. It has been witnessed that even banks at times list their repossessed units on online portals like Philkotse.com, AutoDeal.com or more frequently on Automart.Ph these days. The demand for used automobiles has increased as a result of the lower price of these repossessed vehicles, fueling the expansion of the Philippine used car industry Lower Prices With car prices increasing in the Philippines due to a lot of economic reasons, cheaper options such as repossessed cars have become a more attractive option for budget-conscious car buyers.
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Banks sell repossessed vehicles for much less than their worth. Some banks like Maybank even offer occasional promo prices. Banks aren't looking to make a profit from selling repos. They need to dispose of these second-hand cars as soon as possible to reduce the costs of storing and maintaining the vehicles.
A repo car purchase can save you up to 20% to 40% off the cost of a brand-new car.
