Carmudi, the easiest way to sell or buy your car online, analyzed hundreds of thousands of used car listings in order to find out how much consumers are spending on used vehicles globally. The study looked at used car models aged 2008 to 2013 to provide insights into price differences across Carmudi countries.
The average price of a used car in Pakistan is ($15,056), as compared to the Philippines ($16,719), Sri Lanka ($27,966) and Bangladesh ($33,692). This year, Pakistan has experienced positive economic growth, with the country’s economy expected to expand by 2.6% in 2015. 2016 is forecast to see even higher growth at 3.8%.
Despite this, car sales remain low in Pakistan when compared to its neighbors. Although Indonesia’s population is 37% larger than Pakistan’s, its auto sales are 626% higher. Local consumers continue to seek more affordable alternatives, such as the motorcycle. Motorcycles are the predominant mode of transportation in the country. Honda alone sold a staggering 526,327 motorcycles there between July 2014 and April 2015.
An additional way to improve the industry and encourage purchases is to improve the purchasing experience for buyers. An improved buying experience can be made through new methods of browsing and sales, such as the Carmudi website and app. “With our service, we can see a more enhanced purchasing experience throughout Asia, as buyers are able to look for the best deal and easily compare prices.” says Raja Murad Khan, the Managing Director of Carmudi Pakistan.