According to sources in the domestic automobile market, buyers have begun actively seeking high-engine-capacity vehicles that are manufactured more than 20 years ago.

The buying interest reportedly started on 21 July, with demand focusing on older-model vehicles equipped with large engine capacity.

"Today, buyers are looking for old-model vehicles with larger engine capacities. Some owners are holding onto their vehicles for now to see what happens," an automobile dealer said.

The increased demand follows widespread speculation in the market that vehicle owners may soon be allowed to replace vehicles up to 20 years old and individually import electric vehicles (EVs) in exchange.

On July 21, the Ministry of Commerce held an online meeting on the automobile issue, according to sources in the automobile world, but details about the meeting are not yet known.

The Ministry of Commerce announced at the end of May that it will replace vehicles that are more than 20 years old from the year of manufacture, vehicles that cannot be repaired for safe driving and vehicles that are less than 20 years old but are willing to replace with EVs.

The ministry issued the notification on 28 May as part of its End-of-Life Vehicle (ELV) Scrappage and EV Replacement Programme.

According to the ministry, ageing vehicles consume more fuel, resulting in unnecessary public expenditure on fuel imports, are more prone to accidents due to deteriorating mechanical conditions, and produce higher emissions that contribute to environmental pollution. Under the programme, surrendered vehicles will be eligible for replacement with EVs based on their assessed value.

Owners wishing to participate must submit Form (D), a vehicle scrappage certificate issued by the Road Transport Administration Department. Based on the type of vehicle to be replaced, the National-Level Steering Committee for the Development of Electric Vehicles and Related Industries will assess and approve the import of a suitable replacement EV. The Central Bank of Myanmar will also provide foreign currency at an appropriate exchange rate for approved imports.

According to the ministry's notification, the programme is intended for owners of vehicles more than 20 years old, vehicles that are no longer safe for road use, and owners of vehicles less than 20 years old who voluntarily wish to replace them in exchange for individually imported EVs. Automobile dealers said the existing policy governing the scrappage of old vehicles otherwise remains unchanged.