The Malaysian Automotive Association (MAA) held a market review for the first half of 2020 in Petaling Jaya today. In the press conference, MAA president Datuk Aishah Ahmad revealed that while total industry volume has taken an expected big hit from Covid-19 and the movement control order (MCO) to contain the coronavirus spread, certain segments have been doing well.
When replying a question on the effects on the auto market MAA is expecting once the six-month bank loan moratorium ends, Aishah said that there will be an impact after September, although not across the board. Premium cars should continue to do well, as the affluent will continue to have funds to spend.
“It depends on the category of vehicles. I think the high end vehicles will not be affected – people who have the money, still have the money, but it’s more the low end cars,” she said.
What the long-time MAA chief said next was surprising. Apparently, the Malaysian used car market is currently doing “roaring business”, and the growth has even surprised the used car dealers themselves. “Right now, as far as used cars are concerned, they’re doing roaring business – more than 100% improvement (year-on-year, compared to the the first half of 2019).
“Especially for cars that are below RM30,000, out of KL, they’re doing very well. Even the used car association is very surprised at the demand,” she added, explaining that this trend is because of Covid-19. “People are hesitant to use public transport. They feel it’s safer to be driving their own cars,” Aishah said.
So there you go, while the general business outlook is uncertain no thanks to this unprecedented pandemic, Malaysians are still buying cars and certain sub-sectors are doing well.
If you’re tempted by the prospect of a good used/recon car deal, check out our buying guide detailing the things to look out for before shaking hands.
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