As we approach the end of the year, the automotive market is experiencing a notable shift, with used car dealers offering enticing discounts on vehicles. This trend is driven by the anticipation of rising car prices in the coming year, which is creating a win-win situation for both buyers and sellers in the used car market.
According to The Star, used car prices are expected to drop by 10% to 15% during this period, making it an excellent time for those in the market for a pre-owned vehicle. However, sellers should be prepared for potential losses of a similar percentage when parting with their vehicles. This fluctuation benefits both sides of the transaction, as buyers can capitalise on these year-end discounts, and manufacturers eager to clear old stock are often willing to lower prices for new vehicles.
One intriguing aspect of this trend is the popularity of certain car brands and models in the used car market. Perodua, known for its low depreciation rate, has gained significant traction, with the Perodua Myvi being a standout choice among buyers. In contrast, the demand for Proton models is relatively lower, highlighting the preferences of used car buyers in the region.
(more…)