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Why reconditioned car market will rise in Bangladesh?

Aug 7 • Market Insights • 54 Views • No Comments on Why reconditioned car market will rise in Bangladesh?

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Bangladesh is mainly dependent on reconditioned cars as such cars are economically viable for most of the middle class.

Is this only reason, that reconditioned car will lead the pace with continuous growth?

Currently, the market size for reconditioned cars is around Tk. 3,750 crores. The size of the market is increasing by 4% every year, according to the Bangladesh Reconditioned Vehicles Importers’ and Dealers’ Association (Barvida).

What are the advantages of reconditioned cars compared to brand new ones?

Firstly, around 90% of reconditioned cars are imported from Japan. A car which has already been used in Japan has better quality and is proven to be strong.

“The car now we are importing from Japan is the home car. These cars are trouble-free to maintain,” said Habib Ullah Dawn, president of the Bangladesh Reconditioned Vehicles Importers’ and Dealers’ Association (Barvida).   

Secondly, reconditioned cars provide the same facilities as a new car but at a much lower price.

Finally, the resale value of a reconditioned car is comparatively higher than that of a brand-new car.

That is why around 90% of car users prefer reconditioned cars in Bangladesh.

People think a recon car causes more pollution than the brand-new car. Is it true at all? 

Habib Ullah Dawn said, “We mostly imports reconditioned cars from Japan, which is around 95% of the total reconditioned car. Japanese are more concern about pollution and they put the anti-pollution device into our cars to reduce pollution.”

“We have already compared a five-year-old Japanese reconditioned and brand-new neighbouring car. It has proven that the neighbouring brand new cars pollute environment more than the reconditioned one,” he added.

The public demand is growing rapidly. This coupled with the lack of proper public transportation has seen a massive spike in the sale of reconditioned, cost-effective cars in Bangladesh.

Moreover, the reconditioned car market has considered as a growing industry, also generates thousands of crores of revenue for the government each year.

On behalf of the market, the association, Barvida has paid about 3730 crore Taka as a return last year.

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