Vehicles confiscated by financial institutions and supplied to auction firms are expected to mushroom as hard up customers fall behind on their loan payments. The number of cars and motorcycles seized and circulated into the auction market is expected to exceed 200,000 units this year, up from 180,000 in 2013. This reflects an economic situation in which many have weaker purchasing power because of rising household debt. Some car owners have opted to discard their vehicles after failing to make payments for three or four months.
New supply in the used-car market is expected to exceed 3 million units by year-end. Normally, annual used-car supply ranges from one to 1.5 times as large as new-car sales. Thailand's domestic car sales are forecast to stay below 1 million vehicles this year, compared with 1.32 million in 2013. For the first five months, overall car sales in Thailand fell by 42% year-on-year to 360,000 cars. Union Auction, a leading car auction company, in the first quarter auctioned off a combined 23,103 vehicles, 14,527 of them cars and 8,576 of them motorcycles, up 41.4% from 16,399 units last year.
Vehicles confiscated by financial institutions and supplied to auction firms are expected to mushroom as hard up customers fall behind on their loan payments. The number of cars and motorcycles seized and circulated into the auction market is expected to exceed 200,000 units this year, up from 180,000 in 2013. This reflects an economic situation in which many have weaker purchasing power because of rising household debt. Some car owners have opted to discard their vehicles after failing to make payments for three or four months.
New supply in the used-car market is expected to exceed 3 million units by year-end. Normally, annual used-car supply ranges from one to 1.5 times as large as new-car sales. Thailand's domestic car sales are forecast to stay below 1 million vehicles this year, compared with 1.32 million in 2013. For the first five months, overall car sales in Thailand fell by 42% year-on-year to 360,000 cars. Union Auction, a leading car auction company, in the first quarter auctioned off a combined 23,103 vehicles, 14,527 of them cars and 8,576 of them motorcycles, up 41.4% from 16,399 units last year.
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