Fleet of vehicles on the CARS24 Platform | Image Courtesy: CARS24
A recent survey commissioned by the leading online platform for pre-owned vehicles across the globe, CARS24 in collaboration with YouGov has revealed some fascinating insights into the factors which influence pre-owned car purchase decisions in the UAE.
52 percent of respondents in the survey stated that their decision to purchase a pre-owned vehicle greatly depended on the number of kilometers that were recorded on the odometer prior to purchase.
Fuel Efficiency
Further, 50 percent of survey respondents considered fuel efficiency as one of their key decision-making parameters, while 48 percent preferred pre-owned cars as long as it was within their budget.
Abhinav Gupta CEO – CARS24 Gulf Region
“UAE is one of the fastest growing markets when it comes to pre-owned cars. With several nationalities that participated in the survey, majority of them are looking to buy a car that they can rely on for an extended period of time. Consumers today exactly know what they want and they are ready to put their money on cars that meet their own and family’s expectations. Certified cars, quality, style, fuel efficiency among several other key parameters will continue to influence the consumer’s buying decisions and this is a trend that we have been observing in all our key markets”.
On the other hand, the survey also found that 46 percent of consumers based their buying decisions on the make and model of the vehicle, while only 35 percent of respondents placed appearance as a key factor before getting behind the wheel.
Another important insight that emerged from the survey was that 30 percent of the respondents considered the warranty aspect of used cars to be an essential prerequisite. At this point, it is to be pointed out that every car bought from CARS24 comes with 7 days return policy and 12 months warranty.
Infographic depicting the CARS24-YouGov Survey | Image Courtesy: CARS24
Meanwhile, close to 43 percent of pre-owned car buyers considered the car’s driving performance and the brand’s reputation before purchasing.
“We have factored in all the key prerequisites that a customer in UAE will consider before owning their pre-owned car. Today, CARS24 has already rolled out close to 1500 plus cars as per the international quality standards from its Mega refurbishment labs in Jebel Ali. We adopt a stringent 150-point check, and each aspect of the car is reviewed with the minutest details prior to listing the car on its platform. This mega refurbishment lab (MRL) in UAE now has the capacity to roll out close to 20000+ cars in a year. This facility at Jebel Ali has 70 bays and 5 high-end Italian paint booths. Consumers can choose from close to 1500+ cars on the company’s eCommerce portal based on their budget. These cars range from sedans to SUVs to high end luxury cars,” Mr. Gupta concluded.
Close to 40 percent of the respondents according to the CARS24-YouGov survey believed that the absence of any structural damages also influenced their buying decision. Moreover, 30 percent of respondents emphasized the benefits of extended warranties and financing options and 28 percent based their buying decisions on the number of previous owners.
With a company value of close to $3.3 billion, CARS24 is revolutionizing the way pre-owned cars are bought in the UAE. Since the launch of its operations in the country in May last year, CARS24 has sold close to 7000+ cars with 100 percent of these transactions being conducted online.
As per an earlier CARS24-YouGov study, around 55 percent of UAE consumers within the 18-34 age group preferred to buy pre-owned cars online.
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