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Dealers of used cars typically have no connection to any automakers. The majority of their inventory is acquired through trade-ins, wholesalers, or used automobile auctions.
The Kelley Blue Book and NADA price guides are popular tools used to estimate what to pay for a car at an auction or from a wholesaler.
The Philippines used car market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
As firms selling automobiles through organised channels are predicted to gain market share, the Philippines’ used car market structure would likely consolidate. This will mostly be due to honest and open used automobile dealing and trading, as well as aggressive after-sale service provided by organised players.
After a period of initial contraction due to supply chain disruption and declining per capita disposable income due to imposed physical constraints, the introduction of COVID-19 favourably helped to the revival of the used car market in the Philippines. There is a rising impression of private vehicle ownership as consumers are more conscious of their health and hygiene.
Consumers’ attention to maintaining personal cleanliness and health has increased after the release of Covid-19. As a result, they choose private transportation over using the public transportation system. The Philippines’ used car market is anticipated to benefit from the shift in consumer behaviour and preferences.
Since the pandemic does not appear to be ending anytime soon, demand for secondhand automobiles will continue to rise until all potential buyers who initially used public transportation possess a car.
