Decline seen in import market across all sectors

The used import vehicle market faced a challenging month in February 2025, with both the passenger and commercial sectors experiencing significant declines compared to the same period last year.

In the passenger vehicle segment, used vehicle registrations dropped to 6793 units, marking a 23.0% decline from the 8823 units recorded in February 2024. Toyota maintained its position as the top player in the market, with 2521 units registered, although this reflected a 26.6% decrease year-on-year. Despite the decline, the brand still held a 37.1% market share. Nissan followed closely with 914 units, down 25%, while Mazda experienced a substantial 32.4% drop to 827 units, relinquishing its second-place standing to Nissan.

Other brands struggled as well, with Honda witnessing a 5.3% decline, Subaru slipping 1.8%, and Suzuki facing a 21.5% reduction. Mitsubishi and Volkswagen were among the hardest hit, with drops of 53.0% and 48.5%, respectively. However, some brands managed to buck the trend, with BMW increasing registrations by 8.0% and Volvo seeing a 28.6% gain, although both brands remained niche players. Additionally, Tesla had a notable performance, with registrations increasing by 128.6%, albeit from a lower base.

The Toyota Aqua maintained its position as the best-selling used import model, with 708 units registered, despite a 26.3% decline from the previous year. The Toyota Prius and Toyota Corolla followed closely, with 504 and 361 units respectively. The Honda Fit and Mazda Axela also remained popular choices, with 291 and 267 registrations, respectively. While the Subaru Impreza, Toyota C-HR, Nissan Note, Nissan X-Trail, and Subaru XV all maintained steady sales, they saw declines compared to 2024.

Moving to the commercial sector, the used commercial vehicle market faced even steeper declines, with registrations dropping by 44.1% to 365 units, down from 653 units in the same period last year. Toyota continued to lead the segment with 192 units, despite a 37.9% decline from 2024. Nissan recorded 57 registrations, down 61.0%, while Isuzu and Hino also experienced double-digit percentage drops.

Ford, Mitsubishi, and Volkswagen all saw significant declines in commercial sales, falling by 54.8%, 61.8%, and 48.3% respectively. The only stability came from Chevrolet and Dodge, with their sales volumes remaining flat, albeit at lower levels.

The Toyota Hiace retained its position as the top-selling used commercial model, with 145 registrations, although this was down by 38% from the previous year. The Nissan NV350 followed with 29 units, a significant drop from the 95 registrations in February 2024. Other models such as the Toyota Dyna, Hino Dutro, and Isuzu Elf also saw decreased registrations, alongside the Ford Transit and Nissan Caravan.

Overall, both the passenger and commercial vehicle market for used imports faced sharp declines in February 2025, indicating a challenging start to the year for the industry.