This infographic is brought to you by our experts. We have been in the business of buying and selling cars since 2014 and are keen on providing data derived from our activity and the used car industry in the UAE.
Did You Know: the current UAE second-hand car market is estimated to be a little over 12 billion AED! Recent stats show that 8 out of 10 car owners sell or buy used cars via trustworthy sites like dubizzle.
A large share of the customers sold cars that had been driven for 5 years or less at an average. Moreover, in 2019, all cars bought by wecashanycar, leading cash for car service in the UAE, were driven for 0.5 billion kilometres in total!
In 2019, wecashanycar catered to over 100,000 customers and the total valuation of the cars inspected was well over 1 billion AED. The top car brands handled by wecashanycar were Toyota, Nissan and Ford. Pajero, Altima and BMW X5 took the lead among the most preferred models.
Irrespective of the automobile brand and its model, wecashanycar reduced the period between enquiry and sale for all car owners to a minimum 9.5 days.
The second-hand car market is seeing rapid growth with 9 out of 10 potential buyers looking for a second-hand car. According to Automechanika Dubai, the sales volume of automobiles is set to reach a whopping 3.68 million units within the next 4 years.
Currently, Dubai is leading the pre-owned car sales market in UAE with 65% of the owners selling their cars, Abu Dhabi and Sharjah with 28% and 7% market share in the second-hand automotive sales market.
According to wecashanycar, in 2020, over 35% of car owners will sell their petrol cars to buy another pre-owned car. The second-hand car market is seeing rapid growth in the UAE because a majority of automobile enthusiasts in Dubai, Abu Dhabi and Sharjah are waiting for the launch of at least 15 fully electric cars by multiple luxury brands.
In 2019, the most expensive cars cashed in were the Rolls Royce Cullinan and Ferrari Pista. While the average car owner in Dubai kept a car for 3 to 4 years only until 2018, more than 50% of the Mercedes users own their cars for an average of 6 years or more before cashing them. At the same time, more than 30% for the Honda and Ford users prefer to use their cars for at least 10 years before selling them.
We are looking forward to 2020 as we keep working hard towards serving our customers better and providing insights into the industry. As experts in the industry it is our duty to provide insights into the market trend of buying and selling of cars in the UAE.