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Used cars, usually referred to as pre-owned or second-hand cars, are automobiles that have been sold at least once before. For those wishing to acquire an automobile at a lesser price than buying a brand-new car, these cars provide an alternate choice.
The used automobile market is a sizable sector of the automotive industry, offering a variety of options to fit various preferences and budgets.
People prefer to purchase pre-owned vehicles for a variety of reasons. Cost savings is one of the main benefits. Used automobiles typically cost less than new cars, enabling consumers to choose a car that matches their budget.
Additionally, secondhand automobiles frequently have reduced registration and insurance costs, which further lowers the whole cost.
Further lowering the overall cost of ownership are the frequently reduced insurance and registration payments associated with secondhand automobiles.
The availability of a large selection is another advantage of purchasing a used automobile. The selection of manufacturers, models, and years available on the used automobile market enable purchasers to locate a car that precisely fits their needs. The used automobile market offers a wide range of alternatives, including compact cars, SUVs, luxury sedans, and pickup trucks.
In comparison to brand-new automobiles, used cars often depreciate more slowly. Used automobiles have already experienced this first depreciation, but new cars endure a large loss in value over the first few years of ownership.
To know more about Saudi Arabia Used Car Market, read our report
The UAE Used car market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
The Chinese carmaker Changa said on Monday that it will introduce the “Qi yuan” electric vehicle brand this year This action will set it apart from other brands in the same family, including the higher-end Avtar, which was developed in collaboration with Huawei and CATL, and Deepali, which caters to younger Chinese consumers and has a price range of RMB 150,000 to RMB 250,000.
Changa Chairman Zhu Huarong acknowledged that the state-owned company has plans to co-develop new EV cars with Ford, which are planned to go on sale next year, during an earnings conference with investors..
