However, given the dampened market outlook because of the prolonged political protests and weakened consumption, used car operators have been teaming up with financial institutions to offer low interest rates of about 2-3% per year, competitive with those offered for new car purchases.
As of December 2013, the association reported that outstanding loans on used car hire-purchase stood at 200 billion baht.
However, Buranit Yuktanan, managing director of Union Auction Plc, Thailand’s leader in car auctions, said the used car supply is expected to stay relatively high this year.
The poor economy and weakened consumption will likely prompt car owners to discard their cars or have their vehicles confiscated by leasing firms.