Used car market expected to surge amid new tax code

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The country's used car market is expected to grow by 10% this year to 2.2 million units thanks to higher price tags for new cars.

Pinyo Tanawatcharaporn, secretary-general of the Association of Used-Car Dealers said new cars this year will be dearer with the imposition of the new excise tax rate, while used cars prices remain stable, and thus more attractive to potential buyers.

"The local [cars] market this year is likely to be intense, given the fact that everyone is expecting higher sales for the first time in several years in line with the improvement of economy," Mr Pinyo said, adding that market players are all planning aggressive campaigns to capture market shares.

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