Looking to snipe a deal on a used car? We’ve got you covered.
A new report by Emirati-based used car online platform CarSwitch.com has revealed the buying habits and trends in the used car market. The report elaborates on the UAE’s best-selling brands and car makes, but it has also revealed the time when people are most likely to sell their cars, creating the perfect opportunity to find a deal that suits you.
How “used” is a used car in the UAE?
Used cars in the UAE actually boast pretty recent models, with 54% of used cars on sale hailing from 2013-2018. Half of those are actually 2015 models or newer which means they often still hold their manufacturer’s warranty and even service contracts.
New cars in the UAE lose 20-30% of their value in the first year, and a further 15-20% in the next year. Models older than 2009 only represent 20% of the private seller used market, and the overall average value of a used car remains relatively high at $12,250 (AED 45,000). 55% of used cars range between $8160 (AED 30,000) and $30,000 (AED 110,000).
Which makes and models rule supreme?
Toyota and Nissan continue to lead the pack for another year, each holding 11% of the market. Ford is close on their heels at 8%, dethroning BMW who held this position last year. At 7% is Mercedes, another popular make in the country.
As for the model that remains the most sold and bought, Mitsubishi’s Pajero is on top, holding a 3.6% share. Of the remaining models in the top 10, Toyota continues to display its dominance of the market, holding 5 spots with its Civic, Corolla, Camry, Prado and Yaris models. The Nissan Altima, Ford Edge, and Honda Accord also make feature prominently on the list.
So when is the perfect window for buying a used car?
CarSwitch.com’s report revealed that car owners were most likely to sell their cars with the end of school semesters and the arrival of the summer season. With the huge influx of listings that are about to hit the market, now is the ideal time to pick up a used car. The wide range of high to low-end models available means you are bound to find the car that is right for you. There will be several sellers auctioning off similar, if not the same, models which will give you room for bargaining.
Just keep in mind that when you shop for a used car, you forfeit the safety of buying a new car whose origin and condition is known and guaranteed, not to mention the existing warranties that come along with such a purchase. Buying a used car is a gamble, but it doesn’t always have to be. Check out our guide below for 3 tips you need to keep you on top of your game when it comes to buying used cars: