Used cars for sale in Sharjah

Used cars for sale in Sharjah

Is Sharjah's used-car market undergoing a simple transition, or a more fundamental transformation? It seems that automakers kept the cost of their newest models at a discount in 2020. This was solely done to stimulate sales of new automobiles following a fiscally crippling year due to the pandemic outbreak. However, following a tough year, many consumers were unable to afford a new car due to the general trend of rising prices across all industries.

On the path of recovery and robust growth

After the 2008 financial crisis, the automotive industry in the UAE began to revive gradually. From late 2010 until early 2015, there was remarkable expansion. This development was interrupted in the second half of 2015 by a fall in oil revenue. In 2019, the situation improved, but the COVID epidemic struck the country, negatively impacting automotive sales. While the sales of new cars decreased by over 50 percent, sales of used and pre-owned vehicles increased substantially.

As a result of the economic sector's climate of uncertainty, incomes plummeted, earnings dipped significantly and consumers opted to purchase used automobiles. Many automakers were compelled to cease production of new vehicles, resulting in a rise in the market for used vehicles. However, the higher costs and prices associated with the brand new cars are still giving a push to the expansion of used car market in Sharjah.

As of the year 2022, the total number of registered vehicles in Dubai is expected to reach 1.83 million, up from 1.4 million in 2015 and 740,000 in 2006. As the number of cars and drivers in Sharjah continues to rise, the city's transportation authority, the Roads and Transport Authority (RTA), has launched a series of innovative new programmes to better serve the public. Unit sales in June were up 8.1%, contributing to an overall increase of 9.3% in the UAE automotive market in the first half of 2022 compared to the same period in 2021.

The automobile industry has been expanding and facilitating the growth of numerous new economies. There are some new and significant difficulties facing the auto industry at the moment. Businesses are adapting to new realities brought on by globalisation, digitalization, and escalating competition. By 2022, the report predicted that the Dubai International Motor Show would attract more than 150 automakers and generate $267 million in sales. Earlier projections of 10.2 million passenger vehicles have been revised upward to 13.2 million, according to a recent report.

The figure for used cars for sale in Sharjah will increase to 1.4 million in 2020 from 1.2 million in 2015. The United Arab Emirates (UAE) has seen significant expansion in its vehicle industry in recent years, including the creation of its own 5,000-horsepower supercar called the Devel Sixteen.

Factors propelling the used cars market growth

Studies reveal that the United Arab Emirates (UAE), the main country with the biggest number of luxury automobiles by per capita, would see sales of all luxury cars expand by 4-5% over the coming years, according to estimates from the global luxury market by Report Buyer. With an ever-increasing population, the United Arab Emirates is confident that its market performance will outshine that of any other country. Why people buy cars and what drives their decision. This thriving and lucrative growth is sales figures will definitely bring a positive impact over the revenue generated by the used cars for sale in Sharjah.

The United Arab Emirates has a considerably high internet user penetration in the GCC region, which is mostly attributable to the availability of affordable high-speed internet. In January 2022, there were 9.94 million internet users in the United Arab Emirates, and 99.0 percent of the population was connected to the internet. This has prompted players to move their business models from offline shops to online business models in order to provide clients with a convenient and hassle-free experience.

It is anticipated that many multi-brand and independent dealerships would build their internet presence in order to compete in the online used automobile market. In addition to advertising used car for sale in Sharjah online markets, some dealerships are investing in their own websites and Instagram accounts. In addition, used vehicle platforms are anticipated to concentrate on building a transactional marketplace to enable 100 percent online end-to-end transactions without the need for consumers to leave their homes to visit showrooms.

In addition, COVID-19 has boosted the used car industry because lockdowns and movement restrictions have forced most dealers to rely on internet inquiries and bookings to increase sales. Enterprises, including OEM certified/authorized dealerships, are providing online portals with virtual tours and remote inspections, as well as home delivery options. Consequently, in response to these developments, a number of online platforms are extending their presence in the region in an effort to enhance their market share and income. For example,

Since February 2022, a few prominent automotive online marketplaces, are offering AI-enabled software in the United Arab Emirates, allowing car aficionados to buy and sell automobiles within thirty minutes of downloading the software. Customers can also calculate their monthly EMI and monitor engine, steering, and tyre characteristics. It is one of the most sophisticated platforms for consumers to acquire auto financing, insurance, maintenance, and other essential services.

With the launch of Carnab.com in November 2021, Dubai-based SellAnyCar.com plans to invest USD 122 million in the region to develop its consumer sector. SellAnyCar.com raised USD 35 million from Sanabil Investments, a subsidiary of Saudi's Public Investment Fund, Kuwait-based Gulf Investment Corp., and Riyadh-based Olayan Financing Co. In addition to expansion, SellAnyCar.com is utilising the cash to expand its product range, which will include the introduction of BuyAnyCar.com, which will enable users in the UAE to sell vehicles to other consumers.

These improvements are anticipated to improve the online segment of the market throughout the projected period and to generate a favourable picture for the industry.

Competitive environment in Sharjah

Al Tayer Group, Al-Naboodah, Al-Futtaim group, SellAnyCar.com, Car swap, Yalla Motors, and other significant firms are among the market leaders for dealing with the used cars for sale in Sharjah, which is regarded to be somewhat fragmented. Other new entrants are encouraged to explore the industry and are actively focused on fleet development, diverse products, etc., while a number of significant offline dealers are pursuing expansion tactics such as collaborative agreements, mergers, and acquisitions.

• Before going on sale, automobiles on the car selling platforms are subjected to a rigorous RTA inspection, a 150-point quality inspection, and a comprehensive refurbishment. Most dealerships offer a 7-day return policy and a 2-year warranty on used cars for sale in Sharjah.
• As part of its fleet growth strategy, many automobile companies in Sharjah are planning on introducing battery-electric vehicles, furthering their innovative approach to sustainable transportation.