Used car prices in UAE increase by up to 20%, experts say

Used car prices in UAE increase by up to 20%, experts say

Prices of used cars in the UAE increased by up to 20 percent this year after what industry experts said was a shortage of supply  and demand for new cars. Abhinav Gupta, CEO of Gulf Region at Cars24, said the pre-owned car market has witnessed “exponential growth” due to demand for more affordable personal mobility during the pandemic. “The new expatriates want to be mobile as early as they can, therefore, that has also had a positive impact on the used car market,” Gupta said. “We have definitely observed a lot of buyers switching their decision from buying a new car to buying a used car,” he added. Cars24 rolled out around 7,000 cars since it started operations in UAE last year. Iqbal Dawood, managing director of Abu Mousa Motors, told Khaleej Times that prices of pre-owned cars increased by around 20 percent this year. He expects a further increase of 20 percent. ICA/Expat Media

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