Shifting attitudes

• 500-backed used car trading platform Carsome released a consumer survey report on sentiment towards car buying and selling and usage of public transport and ride-hailing services.
• The survey was conducted among 1,000 Malaysian consumers, 1,005 Indonesian consumers, and 1,055 Thai consumers.

• What did the survey find? Overall, there is an increase in popularity of online used car selling platforms, with the number of people who want to sell their cars increasing in all three countries, led by Malaysia (up 133%), followed by Indonesia (up 52%) and Thailand (up 15%) compared to pre-lockdown.
• The most common reasons attributed to the car-selling intentions are to dispose of old cars and to get more cash on hand.
• Meanwhile, the comfort level of using public transport and e-hailing services has decreased across all three nations for fear of contracting Covid-19.
• When it comes to car-buying intentions, the trend begins to differ. Compared to pre-lockdown, there is a 32% increase in the number of Malaysian respondents wanting to buy a car post-lockdown, whereas the increase is 12% in Indonesia. The number of Thai respondents who want to buy a car sees a 21% decline post-lockdown. Many cited financial constraints and uncertainty of the economic future as the barrier, on top of already owning a car.
• However, most of those who want to buy cars plan to do so only in the next 7–12 months. According to the survey results, the main reasons for waiting are to save up or gain more stability in income to increase their confidence in their purchasing power.
• Read the full report here.

Missed out the last Daily Markup? Go here to check it out.

You can also find us on LinkedIn, Facebook, Twitter, and Instagram.

500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.

This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively “500 Startups”) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies’ markets, competitors, performance, and fundraising has been provided by those companies’ founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.