Myanmar Tops Most Affordable Place To Purchase Used Cars In Asia
October 20, 2015
YANGON, Myanmar — Motors.com.mm, the easiest way to sell or buy your car online, analyzed hundreds of thousands of used car listings in order to find out how much consumers are spending on used vehicles globally. The study looked at used car models aged 2008 to 2013 to provide insights into price differences across Carmudi countries.
Myanmar is the most affordable Asian country to buy a used car, at an average price of $12,834, leaving behind its Southeast Asian neighbors, including Indonesia ($14,833) and the Philippines ($16,719).
Since 2013, car buyers in Myanmar have had access to purchase both new and used models in auto showrooms. With the ease on import restrictions, it is no surprise that car sales are rising. According to the Myanmar Ministry of Rail Transportation, the country had 643,719 registered cars in December 2014 compared to 260,000 in June 2013, a significant increase over 18 months.
With its high economic growth rate and high import tariffs, Myanmar has room to lower car costs and increase car purchases even more. The Asian Development Bank forecasts Myanmar’s GDP growth to reach up to 8.3% during the fiscal year 2015-16. Myanmar has shown significant openness to imports but still charges levies on car imports amounting to almost half the cost of the car.
On top of economic conditions for potential car buyers in Myanmar, the actual purchasing experience can be enhanced by new methods of car browsing and sales. Websites and mobile apps like Motors.com.mm, enable the buyer to browse a wider selection of vehicles available in their home country and make an educated choice on the car for the best price. “With such presence we see not only more activity throughout Asia, but also purchases being more researched and tailored to the individual buyer’s needs.” says Rianne Roggema, the managing director of Motors MM.
Motors was founded in 2013 and is currently available in Bangladesh, Cameroon, Congo, Ghana, Indonesia, Ivory Coast, Mexico, Myanmar, Nigeria, Pakistan, Philippines, Qatar, Rwanda, Saudi Arabia, Senegal, Sri Lanka, Tanzania, United Arab Emirates, Vietnam, and Zambia. The vehicle marketplace offers buyers, sellers and car dealers the ideal platform to find cars, motorcycles and commercial vehicles online.