His boss is still complaining. Finance seizes a broken car that overflowed into the auction yard. I hadn't seen it until 20 years ago. When I saw the auction price, I almost fainted!
A picture from this evening's report.
His boss is still nervous. The economy is in bad shape. The finance ministry is auctioning off cars at record prices. The auction price of cars starts at 3,000 baht, motorcycles start at 100 baht, and some cars have to be given away for free parts.
July 13, 2024 Top news tonight I did a scoop on the current used car market. The number of seized cars on the market has overflowed the auction block. The economy is bad, and people don't have money.
It's one of the indicators that the economy is in bad shape. That is, there are a lot of cars flowing into the auction block.car Normally, there will be cars seized at the auction grounds. 200,000-250,000 cars a year, but this year up to 300,000 cars were seized, which is less than last year when more than 350,000 cars were seized, of which 80-90% were cars seized from financial or financing institutions.
A picture from this evening's report.
Mr. Sittsak Mahasitthiwat, Founder and Honorary Advisor of Siam Inter Auction, revealed that the economy is slowing down and interest rates have been high for a long time. As a result, a large number of cars have been seized at the auction yard. After the Covid-19 debt moratorium ended, the company has been open for 20 years and has only just seen it. It is believed that another 300,000 cars will be seized for at least another 3 years.
From the consultation of brothers and sisters in the industryfinance Used cars, we think last year was really heavy. This year is more difficult. Next year may be stable, and from now on, another 3-4 years will start to improve. And we have to rely on the government sector to stimulate the economy. Because there are a lot of bad debts at the moment. This year there are a lot of bad debts. Because the project to help people during Covid ended last year.”
A picture from this evening's report.
Moreover, only a few hundred trucks were previously seized. Currently, more than 3,000 trucks have been seized, the highest number in Thailand. Especially in the construction, real estate and shipping groups, this is clearly slowing down. As for the used car market, since the value of cars only decreases by 10% annually, the price of used cars last year fell by 30% this year, and used cars are expected to fall by another 15-20%.
toCar AuctionIf it is a gasoline car that has been used for more than 15 years, the auction starts at 3,000 baht. For motorcycles, the auction starts at 100 baht, and some cars should be given away for free. Because otherwise, the auction space will be lost for free. As for electric cars, there are still very few electric vehicles coming to the auction. But the price has dropped a lot.
A picture from this evening's report.
whileThai PBS The reasons for the serious crisis in the automobile market have been analyzed. With the entry of Chinese EV cars into the market by selling in large quantities, and reducing the price to a low price, and will continue to reduce the price, it is expected that another 3 years will pass until the end. Only 400,000-500,000 baht EV cars should be left
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