Philippines Used Car Market Report and Forecast 2025-2034

The Philippines used car market was valued at USD 649.20 Million in 2024. The market is further projected to grow at a CAGR of 6.30% between 2025 and 2034, reaching a value of USD 1.19 billion by 2034.

Philippines Used Car Market Growth

There is a rising demand for used cars owing to the financial benefits it offers consumers. Further, new cars depreciate faster than used cars, aiding the market growth. For instance, a new car depreciates 20-30% as soon as the owner drives it off the dealership. In the first three years, it further depreciates by up to 50%. Since the previous owner has already taken the brunt of the depreciation, it is significantly beneficial to second-hand car buyers. Brands, such as Toyota, Isuzu, and Mitsubishi are known for reliability and low maintenance costs. These cars have great resale value and work efficiently.

Additionally, the government is encouraging the purchase of second-hand cars as it recognises the importance of sustainable driving. The government has implemented several initiatives and policies to stimulate the adoption of used cars. For instance, secondhand cars are exempt from the Tax Reform for Acceleration and Inclusion (TRAIN) Act which is expected to aid their adoption. Further, incentives for purchasing used vehicles and the growing demand for private transportation aid the market growth. Additionally, buying a used car helps eliminate the carbon emissions that would otherwise be released in manufacturing a new car.

Philippines Used Car Industry Segmentation

Philippines Used Car Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments.

Market Breakup by Vehicle Type:

• Hybrid
• Conventional
• Electric

Market Breakup by Body Type:

• Hatchback
• Sedan
• Sport Utility Vehicle and Multi-Purpose Vehicle

Market Breakup by Sales Channel:

• Online
• Offline

Philippines Used Car Market Share by Body Type

Based on body type, SUVs occupy a significant share in the market due to their huge space and versatility. SUVs are affordable for families who need more cargo space and higher ground clearance.

Sedans are a popular option for many people because they provide a good mix of space, comfort, and fuel efficiency. To meet a variety of demands, they are offered in sizes ranging from compact to full-size. In addition, they are typically utilised for family mobility and everyday commute.

Leading Companies in Philippines Used Car Market

The key players in the used car market in Philippines are providing customers with a range of second-hand cars at reasonable prices.

• CardekhoSEA (Carmudi)
• Carousell Pte. Ltd
• CarMax Enterprise Services, LLC
• LausGroup Holdings, Inc.
• Toyota Motor Corp.
• QMarketz (Automart)
• Maxspeed Autoportal Inc. (Philkotse)
• Tsikot.com
• Car Empire
• The SirQo Group
• Others