The automobile trade has been slow, and prices have fallen about 20 per cent depending on the type, said Myanmar Automobile Assembler and Distributor Association’s general secretary U Kyaw Swa Tun Myint.
Depending on the exchange rate, some new cars have been traded at lower prices, and medium-grade and old car prices have declined as well, he said.
“At present, prices have declined about 10-20 per cent. It is up to the exchange rate overall. New automobile prices will need to drop to some extent when the exchange rate falls. Because prices were raised when the exchange rate rocketed,” he said.
Automobile prices started declining in August and continued to decline in September and October, and the trade has slowed.
“It doesn’t mean the trade stops completely. People who need cars buy. The trade has slowed down fairly. Cars worth between K50 million and K100 million are being traded now,” he added.
Currently, some vehicles whose prices were raised have been traded at lower prices, and prices are likely to decrease further. He said the auto trade would return to normal over the following months.
Source: The Global New Light of Myanmar