Automobile market booming for cars worth below K50 mln

Q2YS8UGR Car Market
An online sale post on Tamway car market Facebook page.

Although the market of luxury cars is weakening, the automobile market sees brisk sales of cars worth below K50 million at a reduced price.
“Vehicles worth more than K100 million are seldomly sold despite the price drop of K10 million. Cars worth below K50 million are regularly traded. The offer price declines a bit. The investors do not see the automobile market amid the stability in the forex market and gold price,” U Wunna Soe, a car dealer, told the Global New Light of Myanmar.
The luxury cars were priced at around K150 million last month. At present, they are traded at K130-140 million. The price of cars worth below K50 million was down by K3 to 5 million these days.
The automobile market is usually slow-moving in September-December. Only policy changes can shake the market. Despite the expectations of the dealers, the luxury car import has been suspended for nearly one year. Some local showrooms rarely imported the cars. Some are even forced to shut down the centre after withdrawing deposits as they no longer bear the burden of rent, showroom preparations, salaries of the employees and other charges.
​“The car showrooms need a large plot of land. The rent is too high. If they do not have car trading, they make losses due to the rent and salary. As they cannot import the cars from abroad, for now, they are doing a car trade with the vehicles in their hands. That being so, some cannot overcome this difficult time so they suspend the business,” U Thein Than Swe, a car dealer, told the GNLM.
The buyers are also interested in imported battery electric vehicles.
“Some BEVs are seen in the market now. Most of the BEVs in the domestic market are second-hand but the showroom offers new ones. The new BEV is priced at approximately K40 million. The buyers mull buying them due to the lack of power stations in the country. Some charge them with their home’s electricity. Nonetheless, they cannot drive on high-way roads or long road trips,” U Wunna Soe elaborated on the BEVs.
As the charging stations have a long way to go for now, regardless of the public’s interest. The buyers will still demand gasoline cars, said the dealers.
“The gasoline cars generate noise from the pinging sound in the engine. Electric cars emit very low sounds and are quieter than gasoline-powered cars. It can give a better driving experience,” said Ko Aung Lwin, a BEV driver.
The market prices of the cars are K22-40 million for 2008 Honda Fit, K21-29 million for 2007,2008,2009 Toyota Vitz, K18-25 million for 2011, 2012 Suzuki Swift, K18-28 million for 2011 Nissan March, K55-80 million for 2006-2008 Mitsubishi Fuso Canter, K15-30 for 2018, 2019 Suzuki Carry Truck. – TWA/EMM

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