Tue Sep 24 03:48:03 UTC 2024: ## Thai Car Buyers Holding onto Their Vehicles Amidst Economic Uncertainty

**Bangkok, Thailand** – A recent study by Differential (Thailand) reveals a shift in Thai car buying habits, with consumers increasingly opting to hold onto their current vehicles due to the slowing economy. The 2024 Customer Experience Report, surveying over 2,500 Thai car buyers, found that 70% of respondents would only consider a new car purchase after their current vehicle reaches a certain age, averaging nine years. This marks a significant increase from the previous report covering 2017-2018, where the average replacement period was seven years.

Differential (Thailand) Managing Director Siros Satrabhaya attributes this trend to economic uncertainty and reduced vehicle use during the COVID-19 pandemic, leading to less wear and tear. The survey also identified malfunctioning cars, changing lifestyles, and high maintenance costs as key reasons for vehicle replacement.

The report highlights varying levels of brand loyalty among Thai car buyers. While 46% of respondents plan to stick with their current brand, 6% indicated switching to another brand, and 48% remained unsure.

Interestingly, the study reveals a strong preference for electric vehicles (EVs) among existing owners, with over half planning to purchase another BEV for their next car. However, around 25% of BEV owners are considering switching back to traditional internal combustion engine (ICE) vehicles.

When it comes to other powertrain types, 52% of respondents plan to purchase an ICE-powered car, while 23% favor hybrid or plug-in hybrid (PHEV) vehicles. Only 15% expressed interest in switching to a BEV.

Siros emphasizes that these trends are subject to change based on external factors, particularly oil prices. “As long as oil prices remain high, Thais are likely to buy BEVs for their next purchase,” he stated.

The report sheds light on the changing landscape of the Thai car market, with economic considerations, evolving consumer preferences, and the rise of electric vehicles shaping future purchasing decisions.

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