JOHOR BARU: Those looking to buy a used car should consider getting them now as dealers have dropped their selling price by between 5% and 8%.
Johor Used Car Dealer Association president Simpson Tan said that the drop followed new guidelines issued by banking institutions.
“The price of used cars would possibly see a reduction of between 5 and 8%, and even more for models or brands that are not so popular.
“There are just too many used cars and too many brands and this makes it harder for us to do business, he added.
“The value of cars depreciate over time.
“The new guidelines have led to a reduction in the selling price by between RM4,000 and RM7,000, depending on the car model,” said Tan.
He added that many used car dealers were finding it difficult to sell several makes of cars.
Besides the depreciating value of used cars, Tan said that the current supply of used cars was rather high, also contributing to the reduction in selling price.
Tan added that dealers were foreseeing an increase in prices for foreign-made new cars in view of the currency exchange rates against the US dollar.
It is the right time to buy cars, as the prices are low now, he said, adding that there were more than 800 used car dealers statewide.