| 03 Jul 2009 |
|
Boom time for used car market
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The second hand car market in Qatar has become alive with the onset of summer, as a number of vacationers as well as laid-off employees are trying to sell out their cars before heading home.
The market had been hit hard as a fall out of the recession, as people found it hard to get vehicle loans from banks. The scenario has not changed much and the market is currently witnessing an oversupply of vehicles, which has caused the prices to plummet, say sources.
A contributing factor this year is the significant number of residents, who have lost jobs following lay offs by companies on the back of the global meltdown. They would sell out their cars in a bid to earn some money before leaving the country for good. Many vacationers also dispose of their old cars during this season mainly due to the need for money.
"I have come here to sell my old Camry car which I have been using for the past 10 years," said an Arab national at the used car market in the Industrial area, as he was looking for a customer. He had been working with a ministry and is leaving Doha for good after losing his job.
The sources say that there are more sellers than buyers in the market. The used cars market witnesses two types of transactions. Mostly, the traders buy the vehicles from individual customers and re-sell them to a third party. However, the market also offers the opportunity for customers to buy a car directly from a seller and in such cases the prices will be relatively low.
"The prices have come down due to over supply and the traders are using this opportunity to stock the cars in the hope that they can resell them at better prices after the summer holidays," said an agent based in the Salwa Road that accommodates a row of used car showrooms.
He said the low prices would trigger a demand for used cars in the days to come, particularly because the new cars are becoming dearer in the local market
© The Peninsula 2009
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