Dubai – Mubasher: The UAE market offers used cars at lower prices compared to other markers, according to research conducted by the Dubai-based marketplace CarSwitch.
Imad Hammad, the co-founder and chief executive of CarSwitch.com, noted that cars in the GCC nation lose between 20% and 30% of their value during the first year of purchase, followed by 15% or 20% every year thereafter.
“This is quite high [, compared with] other markets…And it’s driven - in large part - by a transient population with higher disposable income, leading to shorter lifetimes of used cars,” Hammad said.
According to the data, a 2011 Porsche Cayenne would sell for AED 88,000 in the UAE, compared to AED 106,000 in the UK, while a 2012 Nissan X-trail would sell for AED 28,500 in the UAE, from AED 38,000 in the UK.
As a result of this, drivers in the UAE can end up with a more valuable and luxurious car than they might have budgeted for, Hammad highlighted.
“The used car market is incredibly attractive for UAE buyers at the moment, with more supply than there is demand – when it comes to some car models, at least. It’s currently possible to find great deals on what would otherwise be luxury cars, and you won’t even have to haggle that much,” Jon Richards, the CEO of finance comparison website Yallacompare, commented.