Revving Up: Malaysia’s Used Car Market Accelerates Amid Economic Caution REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit With cautious sentiment driven by inflation and interest rate hikes, the growth in used car sales is projected to continue. Rising Demand: Used car sales to surge in 2023 amid cautious economic outlook. Affordable Option: Customers opt for pre-owned vehicles due to inflation and interest rate concerns. Online Platforms: Online platforms expedite used car buying and selling process. Growth Projection: Used car sales projected to grow 10% YoY in 2023.1. As per Ken Research, as Malaysia’s used car market gains momentum in 2023, economic uncertainties prompt customers to gravitate towards more affordable pre-owned vehicles. 1. Resilient Used Car Sales Surge in 2023 Amid Economic Caution Malaysia Used Car Market Trends The used car market in Malaysia has witnessed a resurgence in 2023, driven by economic caution and consumer preference for affordable pre-owned vehicles. Datuk Tony Khor, President of the Federation of Motor and Credit Companies Association of Malaysia (FMCCAM), underlines that factor such as inflation, interest rate hikes, and slower economic growth will influence consumer sentiment this year in a big way. When economic conditions become uncertain, there is a tendency for customers to opt for cost-effective pre-owned vehicles, contributing to the growth of the used car segment. 2. Digital Platforms and Trade-ins Shape the Market Dynamics Malaysia Used Car Market Scenario Khor highlighted the vital role of online platforms in reshaping the used car market landscape. These digital platforms are expected to expedite and simplify the process of buying and selling used cars, providing both buyers and sellers with a convenient and efficient way to conduct transactions. The trend of trading in old vehicles when purchasing new ones has gained traction. With around 65% of new car buyers opting for trade-ins, the supply of used cars continues to be supported by the constant influx of new vehicle sales. 3. Steady Industry Performance and Positive Outlook Malaysia Pre-Owned Car Market Future Scenario Recent data from the Malaysian Automotive Association (MAA) reveals a strong performance in the automotive sector. Sales of new vehicles witnessed a remarkable 39% surge to 62,649 units in the last month, underlining the market’s resilience. The year-to-date sales volume for February highlights steady growth, standing at 112,128 units compared to the same period in the previous year. Passenger vehicle sales reached 55,555 units in February 2023, indicating a positive trend. Further boosting the market, analysts project strong sales growth in March 2023, with Japanese car manufacturers capitalizing on fiscal year-end effects and the extended sales and service tax (SST) exemption. As the industry remains well-positioned, strong orders, steady input costs, and supply chain stabilization are set to propel the sector’s growth and earnings throughout the year. Conclusion According to Ken Research, as Malaysia’s used car market gains momentum in 2023, economic uncertainties prompt customers to gravitate towards more affordable pre-owned vehicles. With cautious sentiment driven by inflation and interest rate hikes, the growth in used car sales is projected to continue, supported by online platforms and the preference for personal transportation. 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