wecashanycar, a dubizzle company, has revealed an infographic highlighting the key trends in 2019. The leading car cash service in the UAE shares that 35% of customers who cashed in their car last year did so to buy another used car.
The Middle East automotive market is forecast to grow at a CAGR of 5.12%, in volume terms, during 2018-2024, with sales volume projected to reach 3.68 million units by 2024 (according to Automechanika Dubai). Interestingly, a dubizzle Motors poll conducted last year revealed that 9 out of 10 car buyers would choose a second hand car over a new car, highlighting the growth of the used car market.
“We’ve been in the industry for over six years and have witnessed how used car market has grown first-hand. 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,” commented Faiyaz Chand, co-founder, wecashanycar, a dubizzle company.
The total value of cars inspected by wecashanycar.com last year was over AED 1 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. The most expensive cars cashed in last year were a Ferrari Pista and a Rolls-Royce Cullinan.
When looking at the longevity of car ownership amongst the top three brands, 26% Toyota, 28% of Nissan, and 30% of Ford owners who had cashed-in their car last year had driven it for over 10 years. When reviewing luxury cars cashed-in, this stood at 39% amongst Porsche and 46% amongst BMW owners. Additionally, over half of Mercedes Benz owners had driven their car for six years or more.
“The UAE is a unique market where we see people change cars every 3 to 4 years on average, whereas in the rest of the world the average is every 8 to 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,” added Chand.
wecashanycar is a used car buyer operating in the UAE. It provides customers with instant cash through its sophisticated e-trading auction technology which offers access to a large network of car buyers. wecashanycar.com is a dubizzle company which provides customers and dubizzle users with access to the car cash service.
Every month, over 1.6 million users browse more than 30,000 freshly added used car listings on dubizzle.