All models of cars affected by market slowdown say traders
Published: 01 May 2017 - 07:32 am | Last Updated: 28 Dec 2021 - 11:39 am
A 2008 file picture used for representation only.
Some buyers, due to financial constraints, were unable to own a motor vehicle are now finding it easy to convert their aspiration into reality thanks to decreased prices of used cars. As the prices of used cars, especially more than five years old, have fallen further due to decreasing demand caused by business slump and upcoming summer vacation.
Pickups of Toyota and Nissan, which are among most sought after models, are also affected adversely.
These are commercial vehicles serving as source of income for freelancers but they are also selling the vehicles due to lack of business, traders at second-hand vehicles market operating at street No. 10 Industrial Area told The Peninsula.
“Prices of vehicles declined significantly within last three months,” Ahmad, a trader told The Peninsula at second hand vehicles market at Industrial Area.
“Vehicles of 2011 models like Nissan and Toyota pickups, Sunny, Corolla and Camry are available at prices ranging between QR17,000 to QR22,000 as per the condition of the vehicles. However, their actual prices should have been about QR25,000 had the market been better,” said Ahmad.
Popular cars like Toyota Corolla and Camry are also witnessing steep fall in prices due to low demand.
Only the latest models of four-wheels and cars (less than five years old) are not much affected by the slowdown but their prices are also low by about a few thousand riyals from their actual value, according to traders.
The old model vehicles (more than 10 to 15 years) have almost lost their charm. Such vehicles have failed to attract customers due to high maintenance cost and due to the recently announced policy of the Traffic Department that requires old vehicles to undergo technical inspections two to three times in a year. However, the new policy was withdrawn and vehicles need to undergo technical inspection only once in year for all vehicles.
The old model Nisan pickup (1996-1999) is being sold at QR4,000 to QR6,000. Their actual market price is QR10,000. “I sold a Nissan pickup GL for QR14,500, said Abdurrahman, another trader.
"I am trading only in pickups. I had three vehicles a few months ago looking for customers to sell at the cost prices to avoid losses. One of my friends is also trading in used cars and he sold a vehicle two days ago at a loss of QR500," he added.
The traders at showrooms operating at Salwa Road said they have some business but was low compared to last year. "We do not showcase vehicles which are more than five years old, mostly two to three years," said Ali, a salesman at a showroom at Salwa Road.
"Prices of the latest model vehicles went down slightly by a few thousand riyals. For example, we offer a Prado-2012 model at QR73,000. The real market value of this vehicle is QR75,000."
I came to sell my pickup," said a freelancer. I offered my service like many other freelancers to carry fruits and vegetables to grocery shops and supermarkets and individuals as well. But our business was taken by air-conditioned van. So I decided to sell it and go home for summer vacation," he added.
"I noticed that cars are available at very attractive prices", said a customer. "I saw a Chevrolet small car 2010 model at an unbelievable price of QR6,000. I am planning to buy it," he added.
Car showrooms are taking the help of website in big way for online marketing to attract the customers.
