Are all vehicles in the Philippines old?

toyota cebu

There is a huge amount of old vehicles on the road which still even today have an “over value” in comparison to what a vehicle would be worth elsewhere in the world. E.g. a car that is 1980s might still fetch P30,000+ and be on the road but in the UK would only be fit for scrapping. The direct comparison of a Ford Escort here to a Ford Escort in the UK isn’t a good match for example as no doubt the one in the UK when new was built to a higher specification. Difference is its cut and shut (cut in two and rewelded) counter part here is worth more. But recently I have noticed an increasing number of garages and the malls are all touting new vehicles or sub-division houses and condos. The Philippines has plenty of incoming OFW money which is given them more opportunities. Not sure how long it will last for as the new found wealth is all imported vehicles unless you go with a locally made Pajero and the stability of the economy is more than likely cause a restriction on new vehicles at some point as the books currently aren’t even close to balancing.