A subsidiary company of dubizzle, wecashanycar, has unveiled a new infographic that has revealed the key trends that made up 2019.
The United Arab Emirates’ leading car cash service says that 35% of their customers in 2019 cashed in their vehicles in order to purchase another used car.
The automotive market in the Middle East is expected to increase at 5.12% in regard to CAGR and in terms of volume, with a projection of 3.68m units to be sold in the next four years, Automechanika Dubai predicts.
Last year, a poll conducted by dubizzle Motors saw nine out of 10 people who buy cars saying that they would rather buy a used vehicle than a brand-new one, an illustration of how the used car market has grown in the UAE.
The co-founder of wecashanycar, Faiyaz Chand, says that the company has been operating for six years now and has first-hand experience of the way that the market has expanded.
The company had more than 100,000 customers last year and spotted a number of fascinating trends, such as the most popular models and brands to be cashed, in addition to how long car ownership tends to last.
The same momentum has already been experienced so far this year and the company is excited to see where it will take them, according to Chand.
The total value of the vehicles that wecashanycar.com inspected in 2019 was more than AED1bn, with Toyota, Nissan and Ford being the top three brands.
The Mitsubishi Pajero was the top car model, followed by the Nissan Altima and the BMW X5.
A Rolls-Royce Cullinan and a Ferrari Pista were the most expensive vehicles that were cashed in during 2019.
In regard to car ownership longevity, 26% of Toyota owners had driven their vehicle for more than a decade, as had 30% of Ford owners and 28% of Nissan owners.
In regard to cashed-in luxury vehicles, the figures show Porsche owners at 39% and BMW owners at 46%.
More than 50% of those who owned Mercedes-Benz cars had been driving them for more than six years.
Chand described the UAE as being a unique market in which people tend to change their motor vehicles every three to four years, whereas that average is more like nine to 10 years everywhere else in the world.
However, in 2019 there were more people in the UAE who had owned their vehicles for around five or six years before making the decision to sell it on and look for an upgrade via the second-hand market.
wecashanycar offers customers in the UAE instant cash via sophisticated e-trading auction tech that provides access to a wide array of people wanting to buy cars.
More than 1.6 million users browse over 30,000 newly listed car listings on the site every month.
Anyone who drives a car in the UAE is legally obliged to be covered by a minimum basic form of third-party car insurance.