All cars within reasonable price ranges sell regularly, but sales are slack for unreasonably-priced cars unless they reduce prices
Let me know about the current car market situation.
Currently, car prices are falling. Not all prices are falling. The car market started to rise in May 2024, until June, July, and August, and began cold again in September. In August, some raised to the highest unreasonable prices, based on the exchange rate although it was not a market price. From September till October, November and December, the cars with raised prices started to sell at lower prices. Some cars’ prices haven’t reached back to those in May, so we can say not all prices were falling.
What types of cars are facing falling prices?
Brand New SKB cars are falling because many people in Myanmar calculate prices based on the exchange rate, and the rate exceeded 7000 in the external market in July and August. When the price of pure gold exceeded eight million kyats, they raised theirs to the highest price, all of which were falling. The cars whose prices are not falling include Japan-made right hand drives. They are not among those that are raised to very high prices.
How is the EV car trading situation?
All cars, whether they are gasoline cars or EVs, are sold based on the exchange rate. Although dollar is strong, if supply cannot meet demand, they do not have goods to pull the price up. Since they only get proportionally, they can sell proportionally. When dollar is weak, goods do not enter in bulks, so prices do not fall too much.
How many percentages did it fall?
In terms of percentage, it fell at least between 10 to 20 percent.
How is the trading going when the car price is on the decline?
Since all the cars that are priced higher than they should be cannot be sold unless they are lowered, trading became slow or stopped for them. All the cars within a reasonable profit margin sell regularly, although it is not a good trading compared to July and August.
As the year has come to its end, how was the car market this year as a whole?
In our opinion, the number of auto market fluctuations and changes has decreased compared to 2023. 2024 is a year of normal trading. Prices didn’t return to the levels of 2023 where there were a lot of fluctuations and impacts. But, a car worth K 10 million in 2023 cannot be purchased at the same price in 2024- the price has exceeded it. In terms of trading, about 70 percent of the market had normal sales, and 30 percent has stopped trading.
Thank you for your answer, sir.
MT/ZN
