Used cars are an affordable and cost-effective alternative for individuals looking for dependable mobility without breaking the bank. Buying a used automobile provides a broad selection of brands, models, and price points to satisfy a diverse range of expectations and budgets. Because these previously owned vehicles have already depreciated, they are less expensive than new vehicles. Furthermore, the used automobile market provides a varied assortment, allowing customers to locate specific features, styles, or even antique vehicles that are no longer available new. Although rigorous research and inspections are required, purchasing a used automobile can be an excellent option for anyone searching for quality, value, and the chance to customize their vehicle to their tastes.
Indonesia Used Car Market Driving Factors and Challenges
There are several drivers that driving market growth. Sport utility vehicles, or SUVs, have been more and more popular among Indonesians purchasing used cars in recent years. Consumers are always interested in browsing the SUV models that are available, and dealers are in a competitive position to offer new SUVs to meet the needs of this growing market. Additionally, online auto markets are emerging as important drivers of the expansion of the used automobile market in Qatar, coupled with growing new vehicle pricing, as customers' preference for private transportation options develops due to increased GDP per capita and personal disposable income.
There are several major challenges facing the used car market in Indonesia. First and foremost, the business lacks transparency and oversight, which makes it vulnerable to dishonest practices like selling stolen vehicles and tampering with odometers. Customers' confidence and trust are harmed by this. Second, the relatively high cost of used cars as a result of hefty import taxes and customs deters potential buyers. In addition, the lack of standardized vehicle certification and inspection protocols makes it more difficult to evaluate the history and condition of a secondhand car. The lack of financing options for used automobile sales further restricts market expansion.
Impact of COVID-19 on Indonesia Used Car Market
The COVID-19 epidemic in 2020 caused a decline in the used car industry. In reaction to the effects of the novel coronavirus, West Java, the province that encompasses Bekasi, Bandung, Karawang, and other cities, enacted PSBB (Massive Social Restriction).
Indonesia Used Car Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Carsome, Caroline, Carro, OLX, iCarAsia, Diamond Smart Auto, PT Tunas Ridean Tbk, Toyota Trust, Suzuki Auto Value, and others.
Indonesia Used Car Market Segmentation:
By Vehicle Type: Based on the Vehicle Type, Indonesia Used Car Market is segmented as; Hatchback, Sedan, Sport Utility Vehicle, Multi-purpose Vehicle.
By Booking Channel: Based on the Booking Channel, Indonesia Used Car Market is segmented as; Online OEM Certified/Authorized Dealerships, Multi Brand Dealerships
By Financing Providers: Based on the Financing Providers, Indonesia Used Car Market is segmented as; OEMs, Banks, Non-Banking Financial Companies.
By Region: This research also includes data for Eastern Region, Western Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.