Used Car Market Insights UAE H1 2023

Shambhavi Singh
Est. Reading Time 3 mins

The pre-owned car market is competitive but cluttered and we assessed that there was a big gap in the region for a brand that operated as a one-stop shop for customers. With trust, service and quality being imperative, we created our ethos around these crucial drivers throughout the entire journey of the ownership. UAE is one of the most dominant markets and the country’s pre-owned car category is expected to surpass a net valuation of USD 28.98 billion by the end of 2027.It is also encouraging to know that for every new car bought in the UAE, 3 pre-owned cars were getting purchased.

CARS24’s Mega Refurbishment Lab which operates on a 1,000,000 sq. ft space, serves as the hub where all our cars are inspected and serviced for sale.All our vehicles are serviced in our state-of-the-art mega refurbishment lab in Jebel Ali. With 70 bays and 5 high-end Italian paint booths, the refurbishment process is further enhanced using artificial intelligence and data science to give our customers the most efficient delivery standards.

Who is behind the wheels:

In the 1st half of 2023, male buyers on cars24 platform have increased by 13%. whereas female buyers have increased by 15% as compared to 2022 2nd half. Also, people between age 25-44 (millenials) are the most interested in buying a used car and comparing to 2022 2nd half millennial buyers have increased by 20%.

They can also avail services such as extending warranty up to 2 years and 7-day return policy and other value-added services such as coating and tinting and easy loan financing, all under one roof. Through our website and our data-backed search and discover option, we can identify and understand buying patterns and preferences for our wide variety of customers, including their inclination towards the latest car models.

Toyota & nissan still tops the most favourite brands in uae. With toyota hilux being the top vehicle purchased followed by nissan petrol & nissan sunny.

Reports suggest that the UAE ranks 8th globally for readiness in the electric vehicles (EV) market and is expected to grow 30% annually until 2028. Keeping these figures in mind, CARS24 is all set to provide full stack solutions to our customers, from procurement to refurbishment.There have been a 60% increament in inquiries of electric cars and with the EV market constantly evolving, our aim is to develop in-house expertise through our market analysis that will help us cater to the growing demands of the region and hold a significant position in buying, selling, and servicing electric cars.

About CARS24

Founded in 2015, CARS24 is the leading global e-commerce platform for pre-owned vehicles with a robust presence in India, UAE, KSA, Australia, and Southeast Asia. With a consumer- first approach, CARS24’s mission is to transform the used car industry by taking the entire journey of searching, buying, selling, and financing online. Leveraging the latest technology advances, CARS24 has set up multiple state-of-the-art Mega Refurbishment Labs; creating new industry benchmarks for high-quality used cars.

Mega Refurbishment Lab

This leased 1 M sq. ft facility enables CARS24 to get used cars refurbished as per the highest standards. We follow a rigorous 150-point check for each car, reviewing it to the minutest details possible prior to its listing on our app. CARS24 has 12 other major mega refurbishment labs spread across the globe, including markets such as India, Australia, and Thailand. The lab ensures that each vehicle undergoes a stringent 150-point quality check before listing the cars on its eCommerce platform. The MRL at Jebel Ali has 70 bays, 5 high-end Italian paint booths, and has the capacity to roll out close to 1500 cars a month. CARS24’s MRL facility in Dubai has delivered more than 1500 cars with international quality standards.

The pre-owned car market is competitive but cluttered and we assessed that there was a big gap in the region for a brand that operated as a one-stop shop for customers. With trust, service and quality being imperative, we created our ethos around these crucial drivers throughout the entire journey of the ownership. UAE is one of the most dominant markets and the country’s pre-owned car category is expected to surpass a net valuation of USD 28.98 billion by the end of 2027.It is also encouraging to know that for every new car bought in the UAE, 3 pre-owned cars were getting purchased.

CARS24’s Mega Refurbishment Lab which operates on a 1,000,000 sq. ft space, serves as the hub where all our cars are inspected and serviced for sale.All our vehicles are serviced in our state-of-the-art mega refurbishment lab in Jebel Ali. With 70 bays and 5 high-end Italian paint booths, the refurbishment process is further enhanced using artificial intelligence and data science to give our customers the most efficient delivery standards.

Who is behind the wheels:

In the 1st half of 2023, male buyers on cars24 platform have increased by 13%. whereas female buyers have increased by 15% as compared to 2022 2nd half. Also, people between age 25-44 (millenials) are the most interested in buying a used car and comparing to 2022 2nd half millennial buyers have increased by 20%.

They can also avail services such as extending warranty up to 2 years and 7-day return policy and other value-added services such as coating and tinting and easy loan financing, all under one roof. Through our website and our data-backed search and discover option, we can identify and understand buying patterns and preferences for our wide variety of customers, including their inclination towards the latest car models.

Toyota & nissan still tops the most favourite brands in uae. With toyota hilux being the top vehicle purchased followed by nissan petrol & nissan sunny.

Reports suggest that the UAE ranks 8th globally for readiness in the electric vehicles (EV) market and is expected to grow 30% annually until 2028. Keeping these figures in mind, CARS24 is all set to provide full stack solutions to our customers, from procurement to refurbishment.There have been a 60% increament in inquiries of electric cars and with the EV market constantly evolving, our aim is to develop in-house expertise through our market analysis that will help us cater to the growing demands of the region and hold a significant position in buying, selling, and servicing electric cars.

About CARS24

Founded in 2015, CARS24 is the leading global e-commerce platform for pre-owned vehicles with a robust presence in India, UAE, KSA, Australia, and Southeast Asia. With a consumer- first approach, CARS24’s mission is to transform the used car industry by taking the entire journey of searching, buying, selling, and financing online. Leveraging the latest technology advances, CARS24 has set up multiple state-of-the-art Mega Refurbishment Labs; creating new industry benchmarks for high-quality used cars.

Mega Refurbishment Lab

This leased 1 M sq. ft facility enables CARS24 to get used cars refurbished as per the highest standards. We follow a rigorous 150-point check for each car, reviewing it to the minutest details possible prior to its listing on our app. CARS24 has 12 other major mega refurbishment labs spread across the globe, including markets such as India, Australia, and Thailand. The lab ensures that each vehicle undergoes a stringent 150-point quality check before listing the cars on its eCommerce platform. The MRL at Jebel Ali has 70 bays, 5 high-end Italian paint booths, and has the capacity to roll out close to 1500 cars a month. CARS24’s MRL facility in Dubai has delivered more than 1500 cars with international quality standards.

Read More

Featured Posts

How to protect your car in wet weather

How to protect your car in wet weather

Symptoms of a Bad Wheel Bearing

Symptoms of a Bad Wheel Bearing