According to UnivDatos, the rising demand for budget-friendly personal mobility, strong adoption of online used car platforms, improved vehicle financing access, faster new-car depreciation, and increased availability of certified pre-owned vehicles drive the Southeast Asia Used Cars market. As per the “Southeast Asia Used Cars Market” report, the market was valued at ~USD 32,376.96 million in 2024, growing at a CAGR of about 8.77% during the forecast period from 2025 to 2033 to reach USD million by 2033.

The used-car market in Southeast Asia is expanding at an unprecedented rate, which is due to the fact that the region is experiencing a surge in middle-income, increasing use of cars as a means of movement, and a consistent shift from two-wheelers to four-wheelers. Also, customers are demanding quality, properly serviced cars at a lower cost than new models. With increased digital use and funding, organized actors are transforming the market through structured processes, transparent pricing, and technology-driven operations. The combination of these dynamics provides the basis for a modern, scalable, and competitive used-car ecosystem.

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Market Growth Drivers

The rising demand for fuel-efficient mobility, the growing use of digital technologies, and the widening affordability gap between new and used vehicles drive the market. The uncertain economic conditions and high prices of new cars are forcing first-time car buyers into the used-car market. Also, a surge in smartphone penetration and access to online markets enhances price discovery, transparency, and trust. Moreover, increased access to funding sources and faster loan approvals make used vehicles more affordable. Therefore, the growing number of fleet operators and ride-hailing businesses is also contributing to an increase in certified inventory supply in Southeast Asia.

AI-Powered Pricing, Inspection, and Demand Forecasting

The use of AI in pricing, inspection, and demand forecasting is emerging as a trend in the used-car market in Southeast Asia, as platforms are turning to machine learning to provide more precise valuations and reduce pricing conflicts. The use of image-based inspection tools helps reveal hidden damage, enabling companies to standardize quality checks across extensive inventories. Predictive analytics is enhancing stock planning by determining which stock models will sell the quickest in each city. This automation transformation is saving time during operations, minimizing fraud, and improving trust among buyers. The more it is adopted, the more AI becomes a central capability, making the company more competitive and improving the customer experience across the ecosystem.

On November 11, 2025, OneLot, the Philippines’ leading financing platform for used car dealers, raised USD3.3 million in seed funding, the country’s largest round of funding in 2025, to expand affordable financing and digital tools for independent dealerships. The round was co-led by Accion Ventures and 468 Capital, with new participation from Everywhere Ventures and Seedstars, and continued backing from Crestone Venture Capital, Kaya Founders, and notable angels, including Georg Steiger (BillEase) and Jojo Malolos (Paymongo). The fresh capital will accelerate OneLot’s mission to empower used car entrepreneurs with faster access to credit, AI-driven underwriting, and technology solutions that help them grow their businesses.

On August 21, 2025, Carro, Asia Pacific's largest and fastest-growing online used car platform, signed a Memorandum of Understanding with fintech platform SY Holdings, entering a strategic partnership that will support Carro's expansion plans through tech-enabled financing solutions. This strategic partnership will leverage artificial intelligence, predictive analytics, and API-based integrations to optimise efficiency, accelerate funding cycles, and enhance scalability while maintaining governance and compliance.

Momentum in Investment and Fund-Raising

The used-car market in Southeast Asia has come under immense investor attention in the last few years, with a number of key players funding large sums to fast-track growth. Investing efforts are in the construction of inspection centers, improvement of logistics, creation of own price systems, and improvement of supply chains. A large number of platforms are spending money to expand into new markets, refurbish facilities, and merge with financial institutions. This momentum of investment is a good mark of long-term trust in the digitization and market volatility.

On September 17, 2025, Carro, Southeast Asia’s leading online car marketplace, raised USD 60 million in a round led by Cool Japan Fund (Japan’s sovereign wealth fund), with participation from several new investors. This investment will go towards bolstering the demand for Japanese cars across the Asia Pacific, where Carro has a presence. To increase the market share of Japanese Plug-in Hybrid Electric Vehicles (PHEV) in the time to come.

On December 11, 2024, CarDekho SEA, the Southeast Asia business unit of India's largest digital automotive solutions provider CarDekho Group, raised its first external funding round of USD 60 million. The round was led by prominent growth and private equity investors Navis Capital Partners (Navis) and Dragon Fund. Following this round, the cumulative fundraise now stands at USD 100+ million, with USD 30 million from the parent company.

The fresh capital will be used to enhance the group’s existing capabilities in Indonesia, used car & bike financing, used car refinancing, classifieds, and to support further expansion into the used auto financing sector in the Philippines.

Market Expansion and Strategic Alliances

The future of the industry is being determined by partnerships. Partnerships with financial institutions and fintech loans are also making financing more available to first-time consumers and increasing market penetration. The partnerships with insurance companies, service shops, and fleet owners provide a stable inflow of inventory and after-sales services.

On May 6, 2025, Astra and Toyota strengthened their strategic partnership and expanded collaboration in the used car business in Indonesia through a partnership in PT Astra Digital Mobil (ADMO). Toyota Motor Asia (Singapore) Pte. Ltd. (TMA) acquired 40% of ADMO. TMA’s acquisition was through a subscription of new shares and acquisition of existing shares, with a total value of USD 120 million, or approximately Rp 2.0 trillion. After this transaction, Astra, through PT Astra Digital Internasional (ADI), retained control over ADMO with a 60% share ownership.

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Tech and Capital Are Reshaping Southeast Asia’s Used-Car Market

The used-car market in Southeast Asia is in transition, with technology, investments, and strategic alliances coming together to transform the consumer experience and market structure. With increased digital trust and the availability of newer vehicles, organized platforms will continue to gain market share. Also, companies investing in fact-based operations, combined financing options, and cross-channel experiences will be well-positioned to spearhead the ensuing phase of expansion. The used-car market in the region is developing into a fully modernized, technologically advanced ecosystem with steady, sustained growth.

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