Used car sales in Philippines to cross 4,50,000 units by 2026. Will Philippines continue the support for increased sale of used cars? 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Although, the quality of public transport was already deteriorating forcing multiple people to opt for their personal cars, Covid-19 made owning a personal car unavoidable.Due to the social distancing protocols, people don’t prefer travelling from public transport anymore. Majority of the people using public transport before the pandemic were the ones who could not afford a car (or brand new at the least). However, it became inevitable after the pandemic struck the country and demand for used cars increased drastically once the nationwide lockdown was lifted in the third quarter of the year. The increase in sales was drastic enough to compensate for the sales lost during the ECQ months and in 2020 there was only a slight decline in the used car market as compared to 2019. Other Challenges in Philippines Used Car Market Outlook To 2026 Mixed Effect of Covid-19 on the Used Vehicle Market in the Philippines INCREASED DEMAND The demand for used cars increased drastically in the months of June and July as soon as the ECQ (Enhanced Community Quarantine) was suspended and the strict lockdown measures were eased INCREASED INVENTORY OF REPOSSESSED CARS Approximately 2 million Filipinos lost their jobs due to the pandemic. Several others had to face pay cuts and temporary layoffs. Thus, the source of income for several individuals was adversely affected and a lot of them became bankrupt. FINANCE CRUNCH Banks in the Philippines rejected multiple loan applications due to the risk factor brought in by the pandemic. The increasing delinquency rates was also an important factor. Sour debt at two banks BDO Unibank and Metropolitan Bank and Trust Co., jumped 120% in 2020. ADVERSE IMPACT ON SMALL USED CAR DEALERS The pandemic rendered a lot of small used car dealers out of business. Since the used car business requires an ample amount of cash at spare for shelling out (for procuring pre-owned cars), some small (and unorganized) dealers were unable to withstand the losses incurred during the ECQ Download Sample Report Increased used car awareness among the masses in Philippines The awareness and marketing in used car market of Philippines has played an important role in changing customer’s mentality from buying a new car to a used car. The social media such as Facebook, which is generally used to build friends and contacts, share photos, events, communication and many more and used by almost every teenager, adult and even senior citizens, has now emerged as a viable platform to deal in used cars and make people aware about the certified used cars, merits of buying a pre-owned unit and others. The recent development in increase usage of social media websites have really helped the unorganized/ C2C market of used cars in Philippines as it is free medium to market an individual unit among friends and family. Ask For Customization Key Segments Covered By Market Structure Organized Unorganized By Sales Channel (Organized Segment) Multi-brand Dealers Direct Dealership Sales Agents Bank Repossessed Cars By Source of Lead generation (Organized Segment) Online Dealership walk-ins By Average Ticket Size Less than PHP 100,000 PHP 100,000-300,000 PHP 300,000-500,000 PHP 500,000-700,000 PHP 700,000-1,000,000 More than PHP 1,000,000 By Region Metro Manila Northern Luzon Southern Luzon (except Metro Manila) Visayas Mindanao By Type of Vehicle Sedan SUV Hatchback Pickup Vans MPV Others (convertibles, coupe, crossover, sports vehicles, etc.) By Fuel Gasoline Diesel Others (Hybrid and Electric) By Type of Vehicle Manufacturer Japanese Korean American Chinese German British Others By Brand Toyota Mitsubishi Hyundai Ford Nissan Honda Isuzu Suzuki Others (Kia, Mazda, Mercedes, Audi, etc.) By Average Replacement Period Less than 2 years 2-4 years 4-6 years 6-8 years More than 8 years By Mileage Less than 10,000 Kms 10,000-20,000 Kms 20,000-50,000 Kms 50,000-75,000 Kms 75,000-100,000 Kms Above 100,000 Kms Companies Covered OEM Dealerships Toyota Certified Nissan Intelligent Choice BMW Premium Selection Mercedes Benz Certified Pre-owned Banks (Repossessed Car Auctions) EastWest Bank Security Bank BDO Unibank Online Portals – Online Auto Classified Platforms Carmudi Carousell AutoDeal Automart Zigwheels Philkotse Multi-Brand Dealers Carmax Carmix (by Lausgroup) Automobilico All Cars Five Aces Berylle Car Sales Time Period Captured in the Report: – Historical Period – 2016-2021P Forecast Period – 2021P-2026F Key Topics Covered in the Report Executive Summary Research Methodology Philippines Used Car Market Overview Philippines Used Car Market Size, 2016-2021P Philippines Used Car Market Segmentation, 2021P Growth Drivers in Philippines Used Car Market Issues and Challenges in Philippines Used Car Market Government Regulations Ecosystem and Value Chain of Used Car Industry in Philippines Customers Purchase Decision Making Parameters Cross Comparison between Major OEMs and Multi-brand Dealers and Company Profiles & Product Portfolios Snapshot on Online Used car market Philippines Ancillary Services Market Future Market Size and Segmentations, 2021P-2026F Covid-19 Impact on the Industry & the way forward Analysts’ Recommendations Contact us: Ankur Gupta, Head of Marketing and Communications support@kenresearch.com +91-9015378249 Tags: Autodeal Philippines Used Car Market Growth, Average Price of Used Car in Philippines, Best Selling Used Cars Market in Philippines, BMW Premium Selection Certified Used Car Market Growth, Car Avenue Offline Market Analysis, Carmudi Philippines Annual Profits, Carousell Philippines (Olx Philippines) Market Presence, Certified Used Cars Market Philippines, Commission in Used Car Market Philippines, Developments Used Car Market Philippines, Funds Raised Startups Used Car industry Philippines, GTV Philippines Used Cars Market, Honda Cars Philippines Inc. 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