While the second-hand car market is thriving in the UAE, there is a growing interest in electric vehicles (EVs) among drivers, according to an industry expert. Abhinav Gupta, CEO of the Gulf region for Cars24, shared insights from their report on trends in the first half of 2023.

Gupta mentioned that for every new car sold in the UAE, three pre-owned vehicles are purchased, signifying strong growth in the used car market, especially among millennial car buyers.

He also highlighted a steady increase in the number of female drivers interested in purchasing pre-owned cars. In the first half of 2023, the number of female buyers on the Cars24 platform increased by 15 percent, compared to a 13 percent rise in male buyers.

Despite the growing popularity of online car sales, Gupta noted that many customers still prefer to visit physical showrooms and test drive their chosen models before making a purchase decision. To accommodate this preference, Cars24 expanded its operations in Dubai, Sharjah, and Abu Dhabi to offer a strong omnichannel experience.

Moreover, there is a notable shift towards electric mobility in the UAE as the country aims to transition to green transportation and have electric vehicles make up 50 percent of the total vehicles on the road by 2050. Gupta emphasized that increasing fuel prices and environmental awareness are driving this shift. Their insights report showed a 60 percent increase in online searches for electric vehicles in the first half of 2023 compared to the second half of 2022.

Gupta revealed that Cars24 has ambitious plans to provide comprehensive EV solutions to customers, including procurement and refurbishment.

Cars24 also intends to invest $100 million in the GCC region over the next few years to expand its presence and become a leading technology provider in the used car industry. Gupta added that they expect their UAE business operation to break even by the end of 2023, marking a significant milestone.