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Emergence of Social Media Presence: The online social media websites and chat windows in the 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. Train Tax: In 2018, the government of the Philippines introduced TRAIN Tax (Tax Reform for Acceleration and Inclusion Act), which has resulted in an increase in the price of a new car in the Philippines. In the last few years, the inflation is on a continuous rise in the Philippines, leaving Filipinos very little income at disposal. At this time, a higher tax on new car purchases significantly reduced the new vehicle sale in the Philippines and increased the demand for used car sales in the Philippines. It is expected that the demand for used cars may increase in the years to come. Young Population: As the world is progressing at a very fast pace, the younger generation of the Philippines tend to meet their desires by opting for a used commodity over a new one, which is expensive. As of 2016, 61.1% of the Filipino population is in the age bracket of 15 and 64 years old, only 34.6% of the population is below 15-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 requirements for a dream car. What Are The Major Challenges In The Philippines Used Car Market? Price Discrepancy: The used car market in the Philippines has price variability due to asymmetric information. The prices in the unorganized market are relatively lower than the organized market due to a lack of value-added services. High Cost of Finance: It is expensive to finance a pre-owned car than a new car in the Philippines because of the depreciation variable in the picture. The interest rates are high on pre-owned units because the vehicle is already depreciated and is further depreciating leading to a reduction in market price. The financer tries to recapitalize its disbursement by charging a high rate of interest as a default would result in higher losses. Electric Vehicles Entering Philippines: The EVs have started to change the trend of conventional petrol/ diesel-fueled cars to hybrid/ electric cars. This change in trend led to less pollution emitting vehicle which will impact both used and new car sales. Since the electric vehicle is very new in the market and only a few manufacturers are selling it in the new car segment, the banks have taken the advantage of the opportunity by providing loans for green cars at a very low rate of interest in order to encourage EV purchases in the economy. The emergence of electric vehicles might impact used the car market in the years to come in terms of pricing, acceptability, margins, and others. Philippines Used Car Market Future Outlook and Projections The Philippines used car market is expected to increase from ~ units in 2019 to ~ units by 2023. The Philippines used car market by value of the transaction is expected to increase from ~ in 2019 to ~ by 2023, thus showcasing a CAGR of ~%. The market will greatly be affected by the more affluent middle-class segment that might shift their vehicle purchase preference to used cars segment compared to new car sales. As a result, the average ticket size is forecasted to increase due to better availability of quality used cars, an increase in certified used car supply and a decreasing average replacement period of new cars. The volumes of used cars are expected to increase within the organized market because the individual sellers find it easier to sell the unit to multi-brand dealers at a fair market price than through the word of mouth channels. Also, the online auto portals/classifieds act as a platform to connect the individual sellers and used car dealers. Increase in average ticket size of a used car, increase in demand for used cars, the surge in the online listing of used vehicles are some of the reasons to spur the growth in the used car market of the Philippines. Key Segments Covered: – Philippines Used Car Market Overview and Size By Type of Market Structure Organised Market Unorganized Market By Type of Sales Origin (Organised Market) Direct Dealership Sales Agent Repossessed Units Sold By Banks Multi Brand Dealers By Type of Sales Channel (Organised Market) Online Platforms Dealership Walk-ins By Average Ticket Size of Used Vehicle By Average Vehicle Replacement Period By Type of Vehicle Manufacturer/Brand Japanese Brands German Brands American Brands Korean Brands Other European Brands British Brands Others Key Target Audience: – Potential Direct Dealership Sales Agents Existing Multi-Brand Dealerships Banks & Subsidiaries Captive Finance Companies Non-Banking Financial Institutions Cab Aggregators and Car Rental Companies Government Organizations Online Auto Portals Classified Pages Investors and VC Firms Industry Associations Time Period Captured in the Report: – Financial Year 2014-2018: Historical Period Financial Year 2019-2023: Future Forecast Companies Cited in the Report: – Brand Toyota Nissan Hyundai Honda Mitsubishi Ford DDSA Toyota Certified Honda Philippines Nissan Intelligent Choice Hyundai Philippines Mitsubishi Certified Banks BDO PS Bank BPI East West Bank China Bank RCBC May Bank Sterling Bank Security Bank Classified Pages/ Online Auto Portal Phil Kotse.com OLX Auto Deal.com CarMudi Philippines Key Topics Covered in the Report: – Used Car Listing in Philippines, Pre-owned car sales Philippines, Philippines Automotive Aftermarket Industry, Repossessed Cars for Sale Philippines, 2nd hand Cars for Sale Philippines, Philippines Online Second Hand Car Sales, Cheap Cars for Sale Philippines, Best Selling Used Cars in Philippines, Second Hand Vehicle Sales Philippines, Philippines Car Industry, cheap second hand cars Philippines sale, used cars for sale in Philippines, slightly used cars in Philippines, Philippines Used Car Industry For More Information on the Research Report, refer to below links: – Philippines Used Car Market Related Reports by Ken Research Indonesia Used Car Market Outlook to 2023 – Rising Popularity of Online Platforms and Reduction in Average Ownership Period to Drive Used Car Sales UAE Used Car and Auto Classified Market Outlook to 2022 – By Revenue Streams (Commission, Paid Listings, Banner Advertisement), By Export and Domestic Sales Russia Used Car Market Outlook to 2022 – by Type of Car (Sedans, Crossovers and SUVs, Hatchbacks and Others include Micro Vans and MPVs) by Car Age, by Distribution Channels (Dealers and Online) Contact Us:- Ken Research Ankur Gupta, Head Marketing & Communications support@kenresearch.com +91-9015378249 Tags: 2nd hand Cars for Sale Philippines, Average Price Used Car Market Philippines, Best Selling Used Cars in Philippines, British Used Car Market in Philippines, Car Auction Market Philippines, Cheap Cars for Sale Philippines, cheap second hand cars philippines sale, Demand for Old Cars in Philippines, Foreign used cars 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