Current 2Nd Hand Car Market & Future

[Luckyj]

Hi Guys,

Need your valuable ideas & expertise on the current 2nd hand car market and predictable future.

Compare to an year ago, there is a big drop in most of the vehicle models. 2002/03 Allions are going below 3 M and even 2006/07 anniversary models are going in the range of 3.5 - 3.7 M range, where as an year ago it was well beyond 4 M.

Hybrids are invading like crazy and streets are flooded with models like Aqua, Fit, Vezel, Prius, Axio Hybrid and seems more & more getting registered and more orders been placed.

I heard but don't know its validity, that Japanese auto makers are going to discontinue manufacturing of non-hybrid cars from 2015/16.

So considering all these, what will happen to 2nd hand car market in near future? will it keep on falling in this pace? Will it be wise to ride with the wave, when it comes purchasing a new car....as Hybrids and Electrical cars seems to be the future?

[Seeker LK]

As I have mentioned in another topic you have to understand the difference between percentage points and percentage.

Sadly a lot of journalists have misled the public as well on this. The actual reduction of tax is around 14.5% at best for the most generous reduction.

Thanks Don. Appreciate the input.

[Luckyj]

Thanks "The Don" for info.

One importer told that when things settled in few weeks time, the actual reduction would be something like in between Rs. 50,000 - 200,000 for vehicles which we prefer . He also mention that current trend to be continued, where high demand for new vehicles and high supply of used vehicles for the market. Thus second hand prices to go further down......

[Seeker LK]

The very same reason why I'm thinking of Alto instead of a 2nd hand Jap vehicle. My budget is around 2Mil but I don't want to pay unreasonable amount to people who is selling their used vehicle. They may have considered the vehicle as an investment and trying to juice out of it for their next car but I do not see that way.

Anything that is deteriorate over the time should be valued accordingly. Hard to change Sri Lankan mindset I suppose.

[Watchman]

The very same reason why I'm thinking of Alto instead of a 2nd hand Jap vehicle. My budget is around 2Mil but I don't want to pay unreasonable amount to people who is selling their used vehicle. They may have considered the vehicle as an investment and trying to juice out of it for their next car but I do not see that way.

Anything that is deteriorate over the time should be valued accordingly. Hard to change Sri Lankan mindset I suppose.

See, the reason you seem to not want a 2nd hand Jap car is cos you dont want to feed the greedy car owners. I agree with your principle, but you must also look at it objectively. Are you willing to pass out on a better quality car just to spite a greedy seller? I haven't been in touch with the car market, but I'm guessing 2.0mil can get you a corolla 110 as opposed to a new Alto. Leave the vehicle's age aside, I feel you'll get a better quality car with the 15 year old Corolla than the brand new alto. It's bigger, more comfortable and will hold it's value much better than the new alto. (new cars depreciate MUCH faster than older ones).

[Seeker LK]

See, the reason you seem to not want a 2nd hand Jap car is cos you dont want to feed the greedy car owners. I agree with your principle, but you must also look at it objectively. Are you willing to pass out on a better quality car just to spite a greedy seller? I haven't been in touch with the car market, but I'm guessing 2.0mil can get you a corolla 110 as opposed to a new Alto. Leave the vehicle's age aside, I feel you'll get a better quality car with the 15 year old Corolla than the brand new alto. It's bigger, more comfortable and will hold it's value much better than the new alto. (new cars depreciate MUCH faster than older ones).

Yeap it makes sense. Thanks watchman.

My father in law too suggesting the same to go for 2nd hand jap vehicle as it'll come in handy as a family vehicle. Alto will not fill that void.