The demand for used cars in the Kingdom decreased by 44% last year.. Find out the reasons
The demand for used cars in the Kingdom decreased by 44% last year.. Find out the reasons
The demand for used cars in the Kingdom decreased by 44% last year.. Find out the reasons
Investors and owners of car showrooms revealed a significant stagnation in the import of used cars in the Kingdom, stressing that the sector declined by 44% in 2016.
They confirmed, according to Al-Madina newspaper, that the Kingdom imported about 37.5 thousand cars in 2016, compared to 67.7 thousand cars in 2015, while a number of them resorted to selling their cars at the lowest profit margin, and increasing the warranty period for the basic parts of the car, in an attempt to break the recession.
For his part, Awaida Al-Juhani, Chairman of the Car Exhibitions Committee at the Jeddah Chamber, confirmed that the reasons for the decline in car imports and the decline in demand for them are due to the stagnation in the global automotive sector, as well as the decrease in the percentage of profits from those cars, in addition to the increase in shipping costs and the increase in gasoline prices in the Kingdom. , and higher car insurance rates.
