Picture courtesy of Graeme Fletcher
Thai motorists are hitting the brakes on new car purchases due to economic jitters, revealed in a new report by Differential (Thailand) Co Ltd, a data analytics, technology, and research firm.
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Thai motorists are hitting the brakes on new car purchases due to economic jitters, revealed in a new report by Differential (Thailand) Co Ltd, a data analytics, technology, and research firm.
The 2024 Customer Experience Report, which polled over 2,500 Thai car buyers from November 2020 to December 2022, found that a whopping 70% of respondents intend to buy a new set of wheels only after their current car clocks nine years.
This marks a notable shift from the 2017-2018 findings, where drivers aimed for a swap after just seven years, said Siros Satrabhaya, managing director at Differential (Thailand).
“During the pandemic, travel plummeted, and car mileage barely budged compared to previous years. Economic uncertainty is clearly steering motorists’ decisions, causing hesitation in trading in their keys for new models.”
The report…