The last week of July reportedly saw a rise in demand for Korean vehicles purchased on credit within Mandalay car trading centers.
Korean cars entered the Mandalay market back in 2013, with sale figures so far this year seeing 150 vehicles sold, compared with just 80 vehicles reportedly sold throughout the whole of 2015.
“Korean cars are now in demand, but they didn’t always used to be. Customers love to buy the cars just on through installments, allowing them to utilize their remaining finances in other fields. We have to sell our cars at competitive prices,” said Ko Aung Zaw Myo, chief of sales from Max Auto Korea Car Company in Mandalay. He added Mandalay boasts a total of seven car trading centers.
The Hyundai Starex 12 seater 2005 model fetches K14 million in the market through an installment plan, while a Hyundai Porter 2005 model can reportedly be purchased in the same way for K11 million, although customers allegedly prefer the former model.
“There aren’t that many Korean cars in the market; most are just ordinary vehicle manufactured in the Industrial Zone,” said Ko Soe, a middleman from the a Mandalay car trading center.
The first installment payment requires 70 percent to be paid, with the remaining 30 percent to be paid in 3 or 6 monthly installments. The purchasing of Korean cars reportedly comes with a six month guarantee and one year of free maintenance, according to Korean car companies based in Mandalay.