Dubai is often associated with luxury and opulence and is known to host some of the most iconic vehicles in the world. Seeing luxury cars in Dubai is not an uncommon sight as they flock the streets in their numbers. From sleek looking Ferraris to ultra modern Rolls Royce, Dubai has it all. But why are luxury cars quite common in this part of the world? Is money so easy to come by here? These are questions that you might ask. While there is some truth in that, the major reason luxury cars are common in Dubai is because of their accessibility to a thriving used car market which makes it so easy to find and buy luxury cars like used electric cars for sale in Dubai at an unbelievably lower price compared to the new one.
Assuming you decide to buy a used luxury car in Dubai, how much can you save? In this article, we are going to analyse certain factors and help you explore the potential cost saving of going for such an option.
The Cost Advantage Of Buying Used Luxury Cars In Dubai
Among the most convincing arguments for purchasing a pre-owned luxury vehicle has to be the drastic reduction in price compared to buying new. Luxury vehicles depreciate quickly in the first few years of ownership; hence, you get to buy a high-end car at a fraction of its original price.
Depreciation Rates of Luxury Cars
First of all, luxury cars can depreciate up to 30-40% in the first year and go up to a whopping 60% in the first five years. This puts a new luxury sedan costing AED 500,000 at potentially AED 250,000 or even cheaper after a couple of years as an option for used cars. Some of the deepest and craziest forms of depreciation turn this into owning a car full of luxury while still being financially conscious.
Pre-owned models, such as Dubai cars for sale export or an SUV from a high-end brand like BMW or Mercedes-Benz, are available at a significantly lower price point compared to their brand-new siblings. The pre-owned ones are mostly fitted with state-of-the-art features and top performance, ensuring that one experiences a luxury drive without stretching their pocket.
Key Savings to Consider
1. Purchase price: The first savings are the greatest on a pre-owned luxury vehicle. This is because the vehicles’ high rate of depreciation enables one to acquire a high-end model for half the cost or even much less.
2. Lower registration fees: The Emirates of Dubai bases the fee for registering a vehicle on the market value of the vehicle. A pre-owned luxury car, which has already depreciated considerably, attracts lower registration fees compared to a new luxury vehicle.
3. Lower insurance costs: Insurance premiums for used cars are considerably lower than those of new vehicles. Since the car’s insured value is lower, the premiums fall correspondingly. This makes buying luxury cars even more palatable since the insurance of a new high-end vehicle can be really exorbitant.
4. Initial depreciation hit can be avoided: When you purchase new cars, you are also taking the biggest hit from its depreciation; but buying a used luxury car means you avoid this financial loss, having already taken a big depreciation hit in the first years of its life.
Why Buying Used Luxury Cars in Dubai Makes Sense
Dubai’s pre-owned luxury car market allows a buyer to own his or her dream vehicle at a fraction of the original cost. Because used luxury cars in Dubai are mostly in good condition, having been well taken care of by previous owners and serviced regularly, their value retention is guaranteed to last.
Conclusion
Purchasing a pre-owned luxury car in Dubai will save you a lot of money, letting you enjoy the prestige and performance that come with high-end vehicles. You can get the best value for money by understanding depreciation, comparing options, and conducting a thorough inspection before making a purchase.
With the availability of platforms like OneClickDrive, the search for used luxury cars has never been this easy. Be it a 2nd hand Ferrari Dubai or any other top-tier brand, this vibrant second-hand market is sure to have something in store for every luxury car enthusiast.
