A used car, pre-owned car, or secondhand car is a car that has had one or more retail owners in the past. There are many different places where used automobiles can be purchased, including franchised and independent auto dealers, rental car agencies, buy here pay here dealerships, leasing offices, public auctions, and private party transactions. A few vehicle dealerships provide “no-haggle” prices, “certified” used cars, and extended service agreements or warranties.
Due to disparities in economic levels, automobile depreciation rates vary greatly across exporting and importing nations. In high-income countries as opposed to low-income countries, the cost of a vehicle depreciates more quickly. Thus, used car dealers in high-income nations can charge more for their used cars when selling them in low-income nations. This is the motivation for exporting second hand cars.
The Ethiopia used car market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
Used imported automobiles, particularly commercial vehicles, dominate the automotive market in Ethiopia. The second-most expensive import into Ethiopia was commercial cars. On the other side, Ethiopia’s top automobile export by revenue is commercial cars. The Ethiopian military-run Bishoftu Automotive Industry (BAI), which produces and assembles cars, can be held substantially responsible for this. In addition to assembling, modernising, renovating, and adapting buses, pick-ups, SUVs, trucks, and military gear like tanks and armoured personnel carriers, BAI also specialises in doing so (APCs).
While civilian vehicles are provided to local clients like state-owned transport companies, military vehicles are primarily used by the Ethiopian military and African Union peacekeeping deployments. Commercial automobiles have been exported in small numbers to neighbouring Somaliland. Because of hefty import taxes and a shortage of available vehicles, used cars in Ethiopia typically increase in value. As a result, used cars predominate on the market. These automobiles are generally imported through the Port of Djibouti from the Gulf States.
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