By Sam Bridge
Wecashanycar, a Dubizzle company, has revealed that 35% of UAE customers who cashed in their car last year did so to buy another used car
Wecashanycar, a Dubizzle company, has revealed that 35 percent of UAE customers who cashed in their car last year did so to buy another used car.
The car cash service said it has seen growth in the country's used-car market over the past six years and last year had 100,000 customers.
It said recent research showed tha the Middle East automotive market is forecast to grow at an annual rate of 5.12 percent, in volume terms, to 2024, with sales projected to reach 3.68 million units.
A Dubizzle Motors poll conducted last year revealed that 9 out of 10 car buyers would choose a secondhand car over a new car, highlighting the growth of the used car market.
“In 2019, we had over 100,000 customers and spotted some interesting trends, including the most popular brands and models cashed-in, as well as the longevity of car ownership. This year has already kicked off with the same momentum and we look forward to seeing how it pans out,” said Faiyaz Chand, co-founder, Wecashanycar.
He said the total value of cars inspected by wecashanycar.com last year was over AED1 billion, with the top three car brands being Toyota, Nissan and Ford.
When looking at the top three car models, the Mitsubishi Pajero, Nissan Altima and the BMW X5 took the lead while the most expensive cars cashed in last year were a Ferrari Pista and a Rolls-Royce Cullinan, he added.
“The UAE is a unique market where we see people change cars every 3-4 years on average, whereas in the rest of the world the average is every 8-9 years. However, last year, we found that there was a large number of people who had actually owned a car for five or six years prior to selling it on and were now looking for an upgrade through the secondhand market,” said Chand.
Wecashanycar provides customers with instant cash through its e-trading auction technology which offers access to a large network of car buyers.
Every month, over 1.6 million users browse more than 30,000 freshly added used car listings on Dubizzle.