Selling Used Cars in Dubai | Demand for Preowned Cars | Market Prices UAE
Dubai’s Secondhand Automobile Market on a High
If you plan on selling used cars in Dubai, now is a great time to do so in Dubai, UAE. The secondhand automobile market is witnessing an unprecedented surge in demand, and sellers can expect to get much higher prices than they may have anticipated. In fact, secondhand car dealers are pricing their vehicles higher than the usual depreciation rates on used cars.
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Increased Demand for Preowned Cars –
Selling used cars in Dubai
Demand for preowned cars in Dubai was initially restricted to luxury or pricey SUV models. However, the market has expanded to mid- and lower-priced categories in 2023. It’s now commonplace for secondhand dealers to hold firm on prices even when the models have done 100,000 kilometers in three years. As a result, it’s challenging to find models like Nissan Sunny at a discount in Dubai showrooms.
Dealers Not Willing to Budge on Prices
Most popular models’ prices are holding firm, and secondhand car dealers can afford to do so because the demand for used cars is still high. The problem is that they are not getting enough cars to sell for all the demand that exists in the UAE auto market. It is becoming difficult to find even a token discount on prices of most popular models.
Beating Depreciation – Selling used cars in Dubai
In many cases, the prices asked by sellers are above the typical depreciation values associated with the model year. This year, secondhand dealers are demanding prices that are probably 20-30% off on a three-year-old make, when the price drop should be closer to 40-50%. For models only a year or so old, asking prices are holding up even better.
Neck-to-Neck Demand for New and Preowned Cars
In the year-to-date, pre-owned car sales are running neck-to-neck with new ones when it comes to demand from buyers in the UAE. This is a departure from the past, where new car sales always trumped those of secondhand. Anyone wanting to sell their car right now is sitting pretty, as they are likely to receive instant buy requests matching their expectations.
The Future of Secondhand Car Sales in Dubai
The future of secondhand car sales in Dubai depends on carmakers’ ability to resolve their production issues stemming from not having enough chip supplies required for their models. However, secondhand dealers in the UAE are optimistic and believe that the market will continue to grow, thanks to the influx of new residents who are calling the UAE their home.
Conclusion
If you’re planning to sell your car in Dubai, now is the time to do so. You’re likely to receive offers that match your expectations, if not exceed them. The secondhand automobile market is on a high, and the demand for preowned vehicles is only set to grow in the future. With no signs of demand slowing down, secondhand dealers in the UAE are in a prime position to make the most of the current market conditions.
Information Courtesy: https://gulfnews.com/
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Posted by Muhammad Fahad
on April 7, 2023. Filed under Car News.
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