|Carmudi examines the average price of used cars in the region|
Will sustained economic growth and low oil prices help Filipinos take advantage of affordable cars in their country?
Carmudi, 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 spend on used vehicles globally. The study looked at used car models aged 2008 to 2013 to provide insights into price differences across Carmudi countries.
The average price of a used car in the Philippines is $16,719, compared to Sri Lanka ($27,966) and Bangladesh ($33,692). Strong growth for the country’s economy as a whole is expected to continue. The automotive industry has a significant presence in the Philippines, accounting for one-third of the country’s GDP.
The predicted global shift in oil prices, a drop from nearly $100 a barrel in 2014 to around $53 this year, has economic commentators predict even more purchasing power for many Filipinos, which could bring an increase in used car purchases.
The car-shopping experience for buyers in the Philippines can be further improved by new methods of car browsing and sales. Online platforms like Carmudi enable buyers to browse a wider selection of vehicles available in their home country and make an educated choice on the car for the most competitive price.
‘With such presence we see not only more cars being bought in Philippines, but also these purchases being more researched and tailored to the individual buyer’s needs,” said Subir Lohani, managing director of Carmudi Philippines.
“We aim to continuously provide our users with the best car shopping experience and to be number one in the industry. We want Carmudi to be a household name, a one-stop-shop for all car related subjects,” adds Lohani.