CARS24, the leading online platform for pre-owned vehicles across the globe is currently witnessing a significant demand for luxury cars in the UAE Prices for luxury cars on the platform based on their usage start from $24,503 (AED90,000).
UAE consumers can drive home a top-of-the-range luxury vehicle by making the initial down payment of just 20 percent on the platform and fulfilling the other basic buying requirements. A substantial percentage of the cars listed on its platform fall within the luxury segment and includes top-of-the-range European, American, and Asian brands.
“The used-car market is projected to reach $403 billion globally by 2026 as per reports. This industry is on a phenomenal growth path, and UAE has a significant role to play in this fast-growing pre-owned car industry in the coming years. UAE is also one of the top 10 countries in the world that is home to the largest share of luxury cars.”
The CARS24’s Gulf Region CEO further elaborated that, “We wanted to ensure that all car enthusiasts in the country who dreamt of owning a luxury vehicle get their dream cars via our platform. We wanted to bring premium cars within the reach of a common man and across all income categories in the UAE. A pre-owned luxury car in as good as new condition can be bought for AED150,000 ($40,838) or less.”
The luxury cars sector in the UAE is steered by powerful factors such as the rising purchasing power of residents and growing market confidence. Furthermore, the low import tariffs, high per capita disposable income, and favorable tax regimes in the UAE are other major drivers that propel the luxury car segment.
“At any given point, our portal provides an option to choose from close to 1500 completely certified quality cars. We have observed that most of our top-of-the-range luxury cars are reserved the moment they are uploaded within an affordable price point. We are sure that this would enable all consumers who were not able to buy a luxury car of their choice earlier can own one now. Providing the highest quality customer experience has always been our priority and hence, our pricing and business model were created with the end consumer in mind,” Mr. Gupta added.
Through CARS24’s next-generation AI-enabled APP, its e-commerce platform along with its state-of-the-art Mega Refurbishment Lab, the company aims to continue its expansion plans in the region.
With a company value of close to $3.3 billion, CARS24 is revolutionizing the way pre-owned cars are bought in the UAE. Late last year, CARS24 raised $20.4 million (AED75 million) in local debt funding from the Commercial Bank of Dubai (CBD), one of the leading banks in the UAE.
In September 2021, CARS24 announced that it would be investing another $100 million (AED 367 million) in the UAE and other GCC countries to further expand its presence.
“All the vehicles on our platform undergo a 150+ point inspection check, are refurbished thoroughly, and go through the stringent RTA test before they are listed online. Every car bought from CARS24 comes with a 7 days return policy and most importantly 12 months warranty,” Mr. Gupta concluded.