Bangkok International Motor Show near 40,000 vehicle sales target

[webfact]

Bangkok International Motor Show near 40,000 vehicle sales target

BANGKOK, 6 April 2015, (NNT) - Organizers of the 36th Bangkok International Motor Show, say the event almost reached its targeted 40,000 vehicles sold, by the end of the show on Sunday.

Crowds flocked to the last day of the event yesterday at Challenger Hall, Impact Arena, Muangthong Thani, where 170 exhibits from 30 car manufacturers and 9 motorbike producers showed their latest models and offered their best deals.

The Show organizers said that the event this year fell a bit short of the 40,000 cars expected to sell, a drop from last year which was above the 40,000 mark. The organizers stated the top selling brand remained Toyota followed by Honda and Isuzu.

They stated that although the number of vehicles sold was fewer than in 2014, the value was definitely higher, as sales of luxurious car with price tags higher than 1 million baht was 30% more than that of last year. The figure signals the public’s recovered purchasing power.

The organizers thus concluded that this year’s event was a success one.

Meanwhile, Toyota Motors reported that it was able to sell 4,808 vehicles over the first 11 days of the event, speculating however that by the end of the show it would have sold a total of 6,000 cars. The company however acknowledged that the figure was slightly lower than it initially anticipated.

The Motor Show organizers are to release the official sales figures as soon as they become available.


-- NNT 2015-04-06

[clockman]

Well the stolen money has to go somewhere!

[JOC]

>>They stated that although the number of vehicles sold was fewer than in 2014, the value was definitely higher, as sales of luxurious car with price tags higher than 1 million baht was 30% more than that of last year. The figure signals the public’s recovered purchasing power.<< Quote

Wrong!! It signals, that the rich are getting richer, and the poor are getting poorer!!

[thesetat2013]

I wonder if they will attribute the increase in sales due to the lack of interest in the fully clothed pretties that were forced to put on more at the beginning of the show? I can't wait for the next press release laying claims about this aspect

[Daniel Ingalls]

...........Thats just great! Something Bangkok really needs is 40,000 more cars on the road plugging up our streets and Highways. I thought the American love of the car was getting bad, but here in Bangkok its becoming absolutely ridiculous.

[kartman]

...........Thats just great! Something Bangkok really needs is 40,000 more cars on the road plugging up our streets and Highways. I thought the American love of the car was getting bad, but here in Bangkok its becoming absolutely ridiculous.

Were sales to people outside Bangkok banned? maybe why they missed the target

Edited April 6, 2015 by kartman

[ezzra]

Only few days ago in these pages it was the headlines that Thai household debts are the highest

in the region, and now 40,000 vehicles are being sold... so where's lies the truth?

[JOC]

Only few days ago in these pages it was the headlines that Thai household debts are the highest

in the region, and now 40,000 vehicles are being sold... so where's lies the truth?

Maybe the cars were sold on credit...........................

[upena]

My brother-in-law, the repo man will be extremely happy

[Fat Haggis]

Brilliant way to put spin on failing to reach their target, a bit like the losers of a cup final, good all round effort but still short on the end product !!

[mango66]

Only few days ago in these pages it was the headlines that Thai household debts are the highest

in the region, and now 40,000 vehicles are being sold... so where's lies the truth?

Maybe the cars were sold on credit...........................

guess 80% are sold on credit,

50% will fail to get the credit -

so the number of 40.000 after 6 weeks to be reduced to 20.000 !!

in the first year - 30% to 40% fail to pay the monthly installment,

so the seller have to take back the car,

so, over all, if lucky 12.000 - to 14.000 cars sold !!

[elgordo38]

Only few days ago in these pages it was the headlines that Thai household debts are the highest

in the region, and now 40,000 vehicles are being sold... so where's lies the truth?

Maybe the cars were sold on credit...........................

guess 80% are sold on credit,

50% will fail to get the credit -

so the number of 40.000 after 6 weeks to be reduced to 20.000 !!

in the first year - 30% to 40% fail to pay the monthly installment,

so the seller have to take back the car,

so, over all, if lucky 12.000 - to 14.000 cars sold !!

I think your math is about right or slightly on the high side. 30% increase in luxury cars WOW. To bad the government does not backtrack to see where the car money comes from. Could be the black unwashed kind maybe?

[Fat Haggis]

I'll bet there were not many Isaan farmers in attendance, these shows are rarely for average guy, who would go to his nearest showroom and try get a better deal there.

The car show in BKK is aimed at the Hi So end of the scale.

[bangon04]

"the value was definitely higher, as sales of luxurious car with price tags higher than 1 million baht was 30% more than that of last year. The figure signals the public’s recovered purchasing power."

or maybe just that the traditional grey imports of luxury "parts" have become a little less convenient recently....

[Tomtomtom69]

Only few days ago in these pages it was the headlines that Thai household debts are the highest

in the region, and now 40,000 vehicles are being sold... so where's lies the truth?

Maybe the cars were sold on credit...........................

Nearly all of them are, don't think very many Thais could afford to pay in cash anymore. But it's interesting as a nation develops the move from cash to credit changes things a lot. In earlier days, you'd often see rich Thais paying in cash for the flashiest Mercs, BMWs, Porsches perhaps, Landcruisers etc. but then when the middle classes starting dominating spending on cars and financing came in, everyone just buys an ordinary sedan or pickup truck but does so on credit.

In Laos you see the same thing as you used to see in Thailand: plenty of high-end cars bought by rich people and paid for in ca$h. However, as banks have started to offer financing over the last couple of years, more and more individuals and companies are purchasing vehicles using bank loans and consequently, not only are you starting to see more cars on the roads, but also, more everyday cars like the Hyundai Elantra, whereas a few years back everyone was driving a Lexus, Landcruiser or Range Rover, as well as the top of the line pickups. You still have lots of those, but it's starting to change.

[balo]

Almost all the cars Thais own are financed with loans that needs to be paid back within 15 years , That explains why "everyone" seems to be buying new cars, and also explains the high prices on used cars here, when they realize they can't afford to pay back the monthly interest to the bank....

[mutha289]

Perhaps if the government were to consider reducing the taxes that they levy on cars, more people could afford to buy them!

[berybert]

Sold 40,000 which is slightly less than the 40,00 they sold last year but is up on the 40,000 they expected to sell.

My head is spinning.

Yeah might be the beer.

Edited April 6, 2015 by berybert

[Langsuan Man]

Interestingly the English language newspaper that we dare not name has a headline that says the opposite

Motor Show's sales figures not pretty

But I guess we will have to go with the government spin or we might be violating Article 44

[bkkjames]

Almost all the cars Thais own are financed with loans that needs to be paid back within 15 years , That explains why "everyone" seems to be buying new cars, and also explains the high prices on used cars here, when they realize they can't afford to pay back the monthly interest to the bank....

One can get a 15 year car loan here? Which bank or finance company offers this?

[balo]

Almost all the cars Thais own are financed with loans that needs to be paid back within 15 years , That explains why "everyone" seems to be buying new cars, and also explains the high prices on used cars here, when they realize they can't afford to pay back the monthly interest to the bank....

One can get a 15 year car loan here? Which bank or finance company offers this?

I have been told you can extend your loans once started, and if you have a steady income there's no problema as long as you pay the interests. Average salary in Thailand is 15000 baht , lets say total income in the family is 30k.

They have to pay on the car for a long time ,a new car can be as much as 800k . So simple math really.

.

[bkkjames]

Almost all the cars Thais own are financed with loans that needs to be paid back within 15 years , That explains why "everyone" seems to be buying new cars, and also explains the high prices on used cars here, when they realize they can't afford to pay back the monthly interest to the bank....

One can get a 15 year car loan here? Which bank or finance company offers this?

I have been told you can extend your loans once started, and if you have a steady income there's no problema as long as you pay the interests. Average salary in Thailand is 15000 baht , lets say total income in the family is 30k.

They have to pay on the car for a long time ,a new car can be as much as 800k . So simple math really.

.

So let's say I buy a million baht truck and finance 600k of that over 48 months. Where does extend the loan part enter into this?

[balo]

Almost all the cars Thais own are financed with loans that needs to be paid back within 15 years , That explains why "everyone" seems to be buying new cars, and also explains the high prices on used cars here, when they realize they can't afford to pay back the monthly interest to the bank....

One can get a 15 year car loan here? Which bank or finance company offers this?

I have been told you can extend your loans once started, and if you have a steady income there's no problema as long as you pay the interests. Average salary in Thailand is 15000 baht , lets say total income in the family is 30k.

They have to pay on the car for a long time ,a new car can be as much as 800k . So simple math really.

.

So let's say I buy a million baht truck and finance 600k of that over 48 months. Where does extend the loan part enter into this?

Not sure , you have to ask Thais who's already been paying on the car for years . I know a Thai family with 2 cars and their income is very average. I think the interest is higher for the extended loans.

[realfunster]

Interesting that in the other news topic today 'Thai tourism rebound etc will drive 3.5% GDP growth' it says only 25,000 bookings were made....

[kurce]

Almost all the cars Thais own are financed with loans that needs to be paid back within 15 years , That explains why "everyone" seems to be buying new cars, and also explains the high prices on used cars here, when they realize they can't afford to pay back the monthly interest to the bank....

One can get a 15 year car loan here? Which bank or finance company offers this?

I have been told you can extend your loans once started, and if you have a steady income there's no problema as long as you pay the interests. Average salary in Thailand is 15000 baht , lets say total income in the family is 30k.

They have to pay on the car for a long time ,a new car can be as much as 800k . So simple math really.

.

So let's say I buy a million baht truck and finance 600k of that over 48 months. Where does extend the loan part enter into this?

Not sure , you have to ask Thais who's already been paying on the car for years . I know a Thai family with 2 cars and their income is very average. I think the interest is higher for the extended loans.

When you can no longer make the minimum repayments and the bank offers you re-financing for another 48 months.

Unfortunately in this time, before ref-financing you have paid off only a small amount of the principle, if any. As some lenders require full repayment of interest before any reduction in principle and that's where you can get into trouble.