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With average used-car prices hitting $30,000, is pre-owned worth it?
With average used-car prices hitting $30,000, is pre-owned worth it?

Washington Post

time3 days ago

  • Automotive
  • Washington Post

With average used-car prices hitting $30,000, is pre-owned worth it?

I often advise individuals seeking to replace their old car to buy a pre-owned vehicle, mainly due to depreciation. According to Kelley Blue Book, new vehicles lose value by nearly 30 percent over the first two years. Considering this fact, allowing someone else — in this case, the prior owner of the car when it was new — to take that kind of hit would make sense. Just wait and buy a used car to save a lot of money, right?

EXCLUSIVE: The Luxury Consumer Has a New Dealer
EXCLUSIVE: The Luxury Consumer Has a New Dealer

Yahoo

time19-05-2025

  • Business
  • Yahoo

EXCLUSIVE: The Luxury Consumer Has a New Dealer

At just three years old, Reklaim is doubling down on its mission to democratize luxury. The technology-forward company aims to redefine the essence of luxury through conscious consumption and open the door to the world of luxury with the belief in a world where luxury and values are intertwined. Founded in 2022, Reklaim's original model connected exclusively with retail partners, including Nordstrom, Selfridges and Jared. The turnkey solution gives access to $10 billion worth of coveted handbags and watches with its proprietary technology, including a selection of items from Hermès, Louis Vuitton, Rolex and Chanel. In addition to its curated selection, the company has also offered its Whatever, Whenever service to source sought-after pieces. More from WWD EXCLUSIVE: Polène's Paris Pop-up Is About a Flourishing Bag Business - and Its Off-cuts Canada's Prime Minister Mark Carney's Wife Has Her Own Global Career Experience The Top 5 Consumer Behaviors to Watch in 2025, and Beyond Reklaim is now in more than 100 retail doors, which James Thomas, co-owner, cofounder and chief commercial officer of Reklaim, told WWD was a 'critical first step — allowing [the company] to introduce consumers to the breadth of our handbag and watch assortment, and to establish Reklaim as a disruptive, elevated force in pre-owned luxury, all within a tangible retail environment. [We] focused on perfecting our proprietary technology and cultivating strategic wholesale partnerships.' Furthering its mission, Reklaim has announced it will now be available direct-to-consumer through its own website. With this step, the company aims to empower the consumer to take the power back and reject the idea of multiyear waitlists, forced purchases and buying into the privilege of eligibility. 'In a world where luxury has long been defined by exclusivity and excess, we saw an opportunity — not just to challenge the status quo, but to completely reimagine the pre-owned experience,' said Kamran Razavi, co-owner, cofounder and chief executive officer of Reklaim. 'The name Reklaim stands for taking the power back. We're not just reshaping luxury. We're rebuilding the entire system behind it, one with sustainability and inclusivity at the core.' Thomas added that with Reklaim's strong foundation in place and proven demand, now is the ideal moment to expand the company's digital footprint through its own direct-to-consumer platform. In practice, Razavi said that what this means for consumers is access to the luxury products and shopping experience that they deserve. For retailers it provides inventory agility and for brands, it means a chance to participate in a space where there has traditionally been exclusion. 'Reklaim is flipping the script on pre-owned luxury,' Thomas said. 'Most pre-owned platforms are dependent on whatever comes through the door — but we lead with curation. Everything we offer is based on what our customers actually want, backed by data and demand. We built Reklaim with a time-saving mindset.' To that end, Thomas and Razavi describe Reklaim as a 'super brand,' meaning that while it is a singular destination, it is powered by the strength of many — namely the designer brands that the platform is bringing together. At the same time, the cofounders see Reklaim offering its customers efficiency, easy and high-level service in addition to access to the best experience possible. 'We've built a platform that offers whatever you want, whenever you want it, and at the right price,' Razavi said. 'Our Whatever, Whenever approach ensures that the most in-demand, hard-to-find luxury pieces are always within reach — giving our customers not just beautiful products, but the ultimate luxury of time.' Moreover, Razavi said they see Reklaim as a sort of 'giant recycling plant for luxury.' 'Reklaim was created to ignite a global movement around more conscious consumption,' Razavi said. 'Luxury goods are crafted with extraordinary artistry and made to last. Our mission is to fully extend the complete life cycle of every bag and watch we sell. It's really a giant global game of 'match.' We needed to build the underlying technology to properly match global buyers and sellers in real-time.' Notably, Reklaim has trademarked the term Conscious Luxury to effectively redefine what it means to shop pre-owned. Reklaim's Conscious Luxury is an elevated experience, said Razavi, that benefits everyone in the ecosystem, whether you are the customer, retailer or original manufacturer. 'Our mission is to spark a shift in consciousness where recycling pre-owned goods becomes the norm and overconsumption, one of the planet's most damaging forces, is challenged,' Razavi said. 'We recognize that what we sell are luxuries — and with that comes responsibility. That's why we empower our community to shop consciously.' Reklaim's commitment to sustainable luxury solutions will be exemplified further through itsConscious Collective, a global community of ambassadors in the conversation around pre-owned luxury and mindful consumption. The group will create aspirational content, host events and drive awareness of the circular economy through storytelling and peer influence. Elsa Hosk, model and entrepreneur, has been named the inaugural member of the Conscious Collective. Thomas described the potential Reklaim consumer as 'discerning, style-forward and starved for time.' 'They're coming to us for an elevated pre-owned experience that's not just thoughtful and transparent, but also efficient and seamless,' Thomas said. 'Above all, they are conscious global citizens who care as much about the planet as they do the heritage and craftsmanship of luxury goods. Shopping Reklaim isn't just about acquiring handbags or watches, it's about embracing a circular model of luxury that honors the planet and future generations.' Best of WWD The Definitive Timeline for Sean 'Diddy' Combs' Sean John Fashion Brand: Lawsuits, Runway Shows and Who Owns It Now What the Highest-paid CEOs at U.S. Fashion and Retail Companies Make Confidence Holds Up, But How Much Can Consumers Take? Sign in to access your portfolio

Does pre-owned rule Malaysia's car market?
Does pre-owned rule Malaysia's car market?

Free Malaysia Today

time08-05-2025

  • Automotive
  • Free Malaysia Today

Does pre-owned rule Malaysia's car market?

Malaysians' increasing preference for pre-owned is driving the used car market. PETALING JAYA : The market for used cars in Malaysia is dynamic and rapidly evolving. According to recently released reports, Malaysia's used car market size is estimated to be at US$26.5 billion in 2025, and is expected to reach US$34.47 billion by 2030, at a compound annual growth rate of 5.4% during the forecast period (2025-2030)*. What are the trends driving this demand for used cars? Economic conditions, consumer preferences, regulatory policies, and technological advancements are all factors that influence Malaysia's used car market. Government policies, consumer price sensitivity and the availability of financing are also key determiners. A growing middle class and increasing urbanisation have created the need for reliable, cost-effective transportation solutions which has driven the demand for used cars. It has become a thriving market which offers a wide range of vehicles to meet diverse budgets and preferences. For instance, in 2023, used cars accounted for approximately 65% of total car sales in Malaysia, as they offered cost savings of up to 40% compared to new vehicles. In 2024, the used car to new car ratio stood at 2:1 indicating an increasing preference for pre-owned vehicles. Indeed, affordability is crucial to Malaysia's growing middle-class and used cars can cost 30-50% less than new ones.** The difference remains significant – even in 2025. Not only do used cars offer value-for-money and lower depreciation rates, buyers can also purchase premium models at a fraction of the cost. Additionally, government policies and incentives related to used cars, such as End-of-Life Vehicles (ELV) and Extended Warranty programmes, are also expected to fuel the growth of the used car market. The increasing availability of attractive financing options offered by banks and financial institutions also make the purchase of used cars more viable. In 2024, over 40% of transactions related to used cars in Malaysia occurred online. Rise of digitalisation – online marketplaces One of the most significant trends shaping the used car industry is the surge in online marketplaces. Contributing to the growing preference for pre-owned cars, online platforms such as CARSOME, streamline the process of buying and selling used cars, boosting sales and bolstering the used car market. For instance, in 2024, over 40% of the transactions related to used cars in Malaysia occurred online.*** Three key factors contribute to this trend: increased confidence in digital platforms, accessibility and affordability, and the array of options available. With online platforms such as CARSOME, customers have more transparency with access to detailed information such as history of vehicles, certifications, and customer reviews. This serves to build trust. They also offer convenience, as a customer can buy a vehicle even without visiting a dealership. With reduced operational costs, digital platforms can offer more competitive rates, even flexible finance options and service packages. This makes used cars a viable option even for those who would not otherwise consider buying a vehicle. Choice is also a big attraction. Online platforms offer a wider inventory than traditional dealerships. As such, buyers can browse to their heart's content, at leisure, and select from a vast collection to find exactly what suits their budget and their needs. Tomorrow's technology – improving reliability of used cars today Another factor contributing to the trend of buying used cars is the advancement of technology. Technology plays a vital role in improving the reliability of used cars. As well as enhancing efficiency and accuracy, the integration of technology transforms how car refurbishment facilities and service centres operate, ensuring transparency and streamlining workflows. Today, advanced diagnostic tools precision-powered by AI accurately identify issues in vehicles. Interfacing with a car's onboard systems, they provide real-time data on engine performance, brake health, and even minor electrical faults. Technology improves other aspects too: from management software that optimises operations ensuring smooth workflow, to online platforms which bridge the gap between customers and workshops enabling customers to book services, compare pricing, and read reviews online. CARSOME's Certified 175-point inspection is enabled by advanced technology. One of the players currently leading the pre-owned market in Malaysia is CARSOME – Southeast Asia's largest integrated car e-commerce platform. With a presence across Malaysia, Indonesia, Thailand and Singapore, CARSOME aims to digitalise the region's used car industry by reshaping and elevating the car buying and selling experience. To that end, CARSOME provides end-to-end solutions to consumers and used car dealers, from car inspection and ownership transfer to financing, they offer a service that is trusted, convenient and efficient. 'Our end-to-end buying journey takes away the concerns which are common in a traditional used car buying experience. CARSOME Certified is the new standard for buying pre-owned cars backed up by our 175-point inspection together with our CARSOME Certified Refurbishment Process,' CARSOME states. CARSOME's processes are easy to navigate and stress-free; and for added convenience, they handle all paperwork too. The extensive support they provide ranges from obtaining car insurance, offering comprehensive finance options to assistance in securing loans. This transparent, customer-friendly approach, coupled with their efficient and effective digital platform gives CARSOME an advantage as the used car market continues to thrive in 2025. Get more information about CARSOME here. *Mordor Intelligence ** Tracedata Research *** Tracedata Research

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