Pre-owned cars in Japan fell by more than 40%June 30, 2020
The cost of used cars in the Japanese car market fell by 40%. This is due to an outbreak of coronavirus.
According to analysts at Kobunsha Co. Ltd, the cost of used cars in Japan collapsed by 40%. So, the cost of some models popular on the secondary market in May equaled the prices of February, while other models lost up to half of the pre-coronavirus cost.
“In some cities, we were forced to close our stores due to the influence of the coronavirus. It was especially hard in March and April. A significant drop in the export of used cars has deepened the fall in prices. Dealers rewrote the price tags “down” – just to unload the site and get real money. Prices for 3 million yen category cars fell to 2 million yen, ”said one industry representative.
It is worth noting that car exports from Japan fell sharply in April – immediately by 50.8% compared to April 2019. True, in June, prices for used cars in Japan gradually began to recover. But until the end of June it will still be possible to buy a used car at a big discount.
Note that used Lexus IS prices fell 40.2%, while Toyota Vitz fell 44.5%.
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