Automobile market sees weaker demand

The demand for cars is still slowing down in the automobile market yet the sellers outnumber the buyers, Ko Sein Tun, a dealer, told the Global New Light of Myanmar (GNLM).
“The demand for cars is dropping at present. Cars worth K20 to 30 million are transacted only. Nowadays, sellers and buyers are engaged in digital marketplaces. Some want to resell their cars but they are not in a position to buy another after selling their cars,” Ko Sein Tun stressed.
Types of cars such as PROBOX, SUCCEED, AD VAN, Toyota Mark II 200 and unmodified WISH 2003 model are popular in the market. The prices of those used cars are between K20 million and 30 million.
Last July, a dollar crunch in the local forex market stopped the imports of auto parts, resulting in a temporary suspension of the operations at the auto factories. The automobile market went into chaos and the prices surged at that time.
At the end of June 2022, the price remarkably went up. Yet, the supply is exceeding the demand for used vehicles in late September. The buyers are seldom found, for now, the dealers said.
The auto factories working with the semi-knocked down system from Japan, the Republic of Korea and China have grasped market shares.
“The buyers choose cars depending on specification rather than the licence number. Vehicles with engines under 2000 CC are highly demanded. Some dealers who keep three or more vehicles in their hands are expecting buyers. Some transactions occur among the dealers. Supply outperforms demand. The dealers cannot convert them into cash for now. Some even want to resell them with some losses yet there is no buyer in the automobile market,” the GNLM quoted Ko Tun Naing, a dealer, as saying.
Earlier, the vehicles with engines under 1300 CC were offered K28 million to 30 million although they were priced at K15 million. At present, auto sales dropped due to the demand pause.
The market prices of the cars are K22 million-45 million for 2008 Honda Fit, K19-28 million for 2007, 2008, 2009 Toyota Vitz, K18-25 million for 2011, 2012 Suzuki Swift, K18-26 million for 2011 Nissan March, K55-90 million for 2006-2008 Mitsubishi Fuso Canter, K18-29 million for 2018, 2019 Suzuki Carry Truck. – TWA/GNLM