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Thursday, December 08, 2022

CARS24-YouGov study witnesses a new trend in online pre-owned car buying among 18-34 year olds in UAE

Dubai, United Arab Emirates: A new trend has emerged in the online pre-owned car buying pattern of consumers in UAE, according to a recent study conducted by CARS24 in collaboration with YouGov. Of the UAE consumers who prefer to buy pre-owned cars online, around 55% are in the age group of 18-34. YouGov is an international research data and analysis group.

As per CARS24 – YouGov study, 28% of the respondents mentioned that they would prefer to buy a pre-owned car online, around 43% mentioned that they would prefer to buy it from a showroom, 19% of them would prefer to buy Received it from private vendors, while 10% had no specific preference. According to the study 30% of UAE citizens, 34% of Arab expatriates, 27% of Asian expatriates, 22% of western expatriates prefer to buy a car online. Arab expats’ preference for buying a car online increased by over 2% compared to buying a pre-owned car from a dealership, up 32%.

Abhinav Gupta, CEO, Gulf Region for CARS24, the leading online platform for pre-owned vehicles, said, “We are a young company that has grown rapidly not only in the UAE but in many international markets. CARS24 is at the forefront of cutting-edge technology. and our entire business model is linked to this strong technological DNA. This study reaffirms the confidence we have placed in our state-of-the-art seamless technology infrastructure as we are now seeing increasing acceptance from consumers in UAE. We are confident That in near future there will be a significant crossover through offline car buying to online domain. We have sold more than 4000 cars in last 8-9 months and 100% of them were online.”

Further, 31% of men and 21% of women are expected to buy a pre-owned car online. In terms of trend within income categories and their preference to buy a pre-owned car online, 26% of people in the income group up to AED5000, 30% within AED5001-AED10000, 34% from AED10001 to AED20,000, AED20001 – 25% of the respondents within AED40,000 and 44% of those in the income group above AED40,000 preferred to buy a pre-owned car online.

How likely are UAE residents to have a pre-owned car in 2022?

Also, nearly 64 per cent of those surveyed considered owning a pre-owned car in 2022. Of this, 69 percent of men and 54 percent of women are planning to own a pre-owned car this year. , Around 71% of people in the AED20,001-40,000 range are likely to buy a pre-owned car, while nearly 80% of those surveyed are likely to go for a pre-owned car within the income bracket above AED40,000. is likely to. With regard to respondents in 7 Emirates, the probability of buying a pre-owned car in 2022 is 63% – 65%.

With a company value of US$3.3 billion, CARS24 is revolutionizing the way pre-owned cars are bought in the UAE. Through its next-generation, used e-commerce platform for used cars and its new MRL, the company aims to continue its expansion plans in this segment.

In addition, CARS24’s Mega Refurbishment Lab (MRL) in UAE will be rolling out around 20000+ cars in a year. The lab will run round the clock to ensure that each vehicle undergoes a 150-point quality check before listing the cars on its eCommerce platform. This MRL from Jebel Ali has 70 bays, 5 high-end Italian paint booths, and has the capacity to roll out around 1500 cars a month. The 1,000,000 sq ft facility, with a total contract value of over AED 40 million, is one of Dubai’s largest leasing deals to date on record.

-End-

About Cars 24:

Established in 2015, CARS24 is a leading global e-commerce platform for pre-owned vehicles with a strong presence in India, Middle East, Australia and South East Asia. With a consumer first approach, CARS24’s mission is to transform the used car industry by taking the entire journey of online discovery, buying, selling and financing. Taking advantage of the latest technology advancements, CARS24 has established several state-of-the-art mega renewal laboratories; Creating a new industry standard for high quality used cars.

For regular updates on CARS24, follow us at: https://www.linkedin.com/company/cars24

For further information please contact:
Prem Ramachandran
white water pr
[email protected]
Dubai, UAE

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