24 Jun, 2024

UAE used car prices see sudden sharp increases – will buyers have to delay their plans?

But in general, the availability of these vehicles has come down from other sourcing points as well, they add.

What it means for potential buyers is that they will end up paying 10-30 per cent higher on their model choice than if a similar deal had been made in October or November. Throw in the higher insurance rates they need to pay on their vehicles – many used car vehicle sellers are not offering free insurance perks – and the cost of ownership has jacked up quite a bit.

For the UAE’s secondhand car dealerships, it all adds up to a most unfortunate set of circumstances. “It’s even tougher because we are still uncertain when the shipments will come in,” said Hamid Shah, CEO of The4x$.com dealership network. “When we have that uncertainty on top of the struggle to source vehicles, it makes for a big impact on the used car trade.”

In each of the last two years, sales of pre-owned vehicles in the UAE were on a tear, with many industry sources saying they have not seen a similar demand rush ever. So much so, during the peak phase of 2021-22, prices of used cars that were 6

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