In the last few years, the price of used motorcycles has been rising in Bangladesh. People are becoming curious to know why it happens. As we all know, bikes have been a popular form of transport, especially in cities like Dhaka and Chattogram. Several valid reasons, like money inflation, high import duties, increasing demand, economic instability, and improvements of roads and highways, are responsible for the change in both used and new bike prices.
This post will explain why used motorcycle prices are increasing in Bangladesh.
Rising inflation and the falling value of the currency
In the last few years, Bangladesh has experienced huge inflation rates, which directly impacted the goods and services, including motorcycles. It is one of the main reasons for increasing prices of bike parts. Another reason is the Bangladeshi taka (BDT) lost value compared to the US dollar, which makes importing motorcycle parts and bikes more expensive. As production costs become higher, sellers are pushed to raise prices even for used ones.
High import duties
High government tax is another main factor for rising prices of motorcycles. High import duties make prices at a higher level that can not be affordable for many who want to buy bikes with higher CC. Because of that, people are changing their decision to buy used motorcycles instead. It’s budget-friendly and makes buying & selling used bikes in markets more popular than ever.
Increasing Demand
In our country, middle-class families are growing constantly, to be more exact, in cities. Recently, the perception of motorcycles has changed a lot. They start to consider motorcycles as their everyday personal transportation and are willing to purchase them. Bikes offer a comfortable and time-saving experience during traffic jams. Increasing demand is quite high from imports, which leads prices up for both new and used bikes.
Economic uncertainty
Continuous political and economic instabilities are also encouraging people to purchase instantly. Many customers are deciding to invest in durable goods and wealth to deal with inflation or fear of future price hikes. As a result, people prefer to buy a used motorcycle rather than pay more later. This kind of customer mindset is making this market more competitive.
Improvements in roads and highways
Roads and highways have been changing significantly. The condition was not that much preferable before. That’s why travelling between cities or long journeys becomes faster and safer using bikes. Young and middle-aged people are choosing motorcycles for their personal and professional aspects. That means that customers’ buying rates are rising for both new and used bikes.
Fuel cost
Because of global oil prices fluctuating, local fuel costs are rising every year. Considering the huge fuel cost, people are choosing bikes as an alternative to cars. Motorcycles are more economical for everyday use. That can be considered a factor in making the bike market highly competitive.
To sum up, these factors, like infatuation, increasing demand, economic situation, and fuel cost, boost used motorcycles in demand. Used bikes can be the best option for a person with a limited budget.
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