Thinking about selling your used car in the UAE? You might want to act now before the market shifts. While the UAE boasts a thriving used car scene, several factors are converging to create a potentially less favourable landscape for sellers in the first half of 2024.
1. Decline In Demand For Used Cars
Market experts anticipate a reduced demand for used cars in H1 2024. This dip can be attributed to various factors, including economic fluctuations and a potential influx of new car buyers due to easing travel restrictions. With fewer buyers, competition for your used car will be stiffer, potentially leading to lower offers.
2. Used Cars Price Drop
Brace yourself for potential price dips of around 15% for used cars in the UAE. This is due to the anticipated increase in supply coupled with the softening demand. Selling sooner allows you to capitalise on the current market value before it depreciates further. Read this guide to know additional factors that will make your used car price drop.
3. Increase In Used Cars Stock
The UAE’s used car stock is expected to double by H1 2024. This influx will be fueled by various factors like lease returns, increased trade-ins for new models, and economic pressures leading to car downsizing. With a saturated market, your used car might face tougher competition and longer sale times.
4. Shifting Preferences For Used Cars
Despite the UAE loving its luxury and premium cars, the demand is projected to decline. Opting for more practical and fuel-efficient models might become the new trend. If your used car falls in the “luxury” category, selling now could be a wise move before demand cools.
5. New Brands & Models Entering The UAE
Whenever a new brand or a model enters the market, it tends to stir up things for the used car market. This can divert attention away from older used cars, making it harder to attract buyers at your desired price.
Currently, we are noticing a slew of Chinese brands entering the UAE with a huge line-up of tech-loaded cars.
- New Jetour T2 Off-road SUV Launched In The UAE
- New DFSK Fengon SUV Range Launched In The UAE
- New MG Whale Launched In The UAE
- New Geely Tugella Launched In The UAE
- New MG T60 Pick-up Truck Launched In The UAE
Additionally, a couple of new brands are set to set shop in the country. This includes Kaiyi and Zeekr, Roewe, XPeng and more. Read this linked article to know more about Chinese car brands entering the UAE.
Apart from Chinese cars, we have also noticed a surge in new EVs and hybrid cars launching in the UAE. Tesla launched the new Model 3, while Porsche updated their Panamera range with a new hybrid version. Watch the video to know more about the EVs impact in the market.
All the above factors could cause the used car prices to further drop and lose their value. Here is a guide explaining the best time to sell your car.
Bonus Reasons to Sell Now
- If your used car’s warranty is about to expire, selling before it does could make it more attractive to buyers and potentially fetch you a higher price.
- Avoid the hassle and cost of major repairs due to extensive mileage. Selling before your car reaches that point can save you money and headaches.
- Don’t let your car insurance expire before selling. A lapsed policy can deter potential buyers and complicate the sale process.
- If a newer version of the same model is about to be launched, selling your current car before it hits the market can help you avoid facing competition from a potentially more attractive option.
2023 vs 2024 Analysis
If you want more insights on how the car market is going to shape up in the UAE this year, here is a detailed article with insights and a thorough comparison of the industry in 2023 vs 2024.
Sell Smart with DubiCars
Selling used cars will require maintaining a certain way to get the right value. DubiCars offers a convenient online option through the free Value My Car tool and car inspection report.
Unlike some platforms, DubiCars doesn’t buy the car from the seller but provides an accurate market value. After determining the accurate value of your used car, the next step is finding the right buyer.
DubiCars’ Sell My Car section offers appealing packages, to enhance your ad listings. It allows the sellers to reach a growing community of more than 2 million monthly car enthusiasts. Also, the VIP Home Package to sell your used car is a hassle-free option where we handle everything for you.
Find used cars for sale in the UAE and new cars for sale in the UAE.
