As of 25/10/2018 (Thursday), the date this article was written, market is on the buyer’s side. Buyer’s Market is more dominant at the current moment which means sellers have less bargain power to negotiate a better price for their car in general. In fact, car is not like property with the latter’s value increases over time. Car price drops ever since the 1st moment it was driven out from new car showroom. And its value would only go to the bottom over time. Thus, don’t be shocked when most car dealers turning you away without buying your car at this moment. This can be contributed by numerous factors and some of them are as follows:
1)) END-YEAR CLEARANCE
Most used car dealers are having their “crazy end-year sales” at the moment to clear up the car stock in their backyard. In fact, this is the best time to clear old stock to avoid revenue losses where the car value will decrease in early month next year. This is the time where most car dealers choose not to buy in any other cars to add on their existing fleet. So, if you want to sell your car now, it is highly possible you receive a rejection as the response.
2) CAR’S AGE
The most crucial factor to determine your car’s value is its age. And, you have only about 2 months time from now before your car gets another year’s older. It is obviously at higher risk for the dealers to purchase your car now. They may risk the “value-drop” for your car at the opening year of 2019 soon. So, in this context, car dealers are reluctant to purchase or even dare to offer you with any price. It is understandable as they are running their business for profits like everyone else. With so many unforeseen factors, they certainly may not want risk buying your car now.
3) MARKET SENTIMENTS
Used car market is dependant and very sentimental especially in Malaysia. Market sentiment is the feeling or tone of a market. It directly influences behaviors of parties or channels associated with used cars business. In this context, it is none other than the car loan itself. When the market feeling is not convincing, car loan process will not be as smooth as in other periods. Bank will surely apply more layers of screening process in order to get the real eligible loan customers they want. With fewer car loans approved, car dealers now face greater challenge in maintaining their monthly sales. As to brace for the impacts, it is not surprised that they do not want to buy your car now.
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