A new trend has emerged within the online pre-owned car buying patterns of consumers in UAE, according to a recent study commissioned by CARS24 in association with YouGov, an international research data and analytics group.
Out of the UAE consumers who prefer to buy pre-owned cars online, around 55 percent fall within the 18-34 age group. As per the joint study, 28 percent of the respondents mentioned that they would prefer to buy a pre-owned car online, around 43 percent mentioned that they would prefer to buy it from a showroom, 19 percent of them would prefer to buy it from private sellers, whereas 10 percent had no specific preference.
According to the survey, 30 percent of UAE nationals, 34 percent of Arab expats, 27 percent of Asian expats, and 22 percent of Western expats prefer to buy a vehicle online. Preference of Arab expats in terms of buying cars online exceeded 2 percent as compared to buying a pre-owned car from a dealership which stood at 32 percent.
“We are a young company that has grown rapidly not only in the UAE but across several international markets. CARS24 is at the forefront of cutting-edge technology and our entire business model is connected to this robust tech DNA. This study corroborates the faith that we have bestowed in our state-of-the-art seamless technology framework as we are now witnessing a rising acceptance from consumers in UAE. We have sold 4000 plus cars in the last 8-9 months and 100 percent of them were online.”
Furthermore, 31 percent of males and 21 percent of females are expected to buy a pre-owned car online. In terms of the trend within the income categories and their preference for buying a pre-owned car online 26 percent of the people within the income group of up to $1,361, 30 percent of the people within $1,362 to $2,722.5, 34 percent of the people from $2,723 to $5,445, 25 percent of the respondents within $5,445.4 to $10,890 and 44 percent of the people within the $10,890.2 plus income category preferred to buy a pre-owned car online.
In addition, nearly 64 percent of the respondents are looking at owning a pre-owned car in 2022. Out of this 69 percent of males and 54 percent of female respondents are planning to own a pre-owned car this year.
CARS24, which has a market capitalization of about $3.3 billion, is transforming the way consumers buy used cars in the UAE. The company intends to continue its expansion plans in the region with its next-generation eCommerce platform for used cars and its new mega refurbishment lab (MRL).