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A shortage of new cars arriving in the UAE is pushing up the second-hand car market to unprecedented levels, traders said.
The issue stems from a global scarcity of computer microchips used inside the vehicles.
A lag in the shipping of new cars, with some high-end vehicles requiring a two-year wait, has forced people to keep older vehicles for longer.
The knock-on effect has affected the second-hand car market, meaning some cars still cost the same as they would have in 2020, despite being two years older now.
The main dealers have nothing to sell. We are buying back the same cars we sold a year ago for the same price
Talib Alrubai,
chief executive of Alba Cars
Ryan Hughes, co-owner of RMA Motors, a car dealership specialising in prestige sports cars in Dubai Investment Park, said it was a simple issue of supply and demand.
“On some vehicles, people are paying the same price for a car that they did two years ago,” he said.
“For example, there is an 18-month waiting list for the latest Range Rover, so that keeps value retention on used models.
“Also, there is a lot less depreciation on certain models, from 15-20 per cent down to just 10 per cent, or even just 5 per cent.”
Much of the delay in the shipping of new models is a result of global shortages of computer microchips.
They are used in semi-conductors that help improve a vehicle’s efficiency and lower emissions, but many have been swallowed up by a surge in demand for computers after the pandemic forced many people to work from home.
In July, Ford limited production at many sites as a result of the shortages, with the company’s Chicago Assembly Point shutting down completely for a month in 2021.
Eight Ford plants were affected across the US, with production cut by about 1.1 million vehicles last year.
Jaguar Land Rover also mothballed production at two of its main UK car manufacturing plants in April 2021, owing to the shortage of computer chips.
“We just can’t get our hands on new cars, so we are buying back cars we sold a year ago for the same price,” said Mr Hughes.
“Factories are prioritising their bestsellers, so there are long waiting lists for other vehicles.
“The Jeep Wrangler market is through the roof. It is the most expensive I have seen it in five years.
“People who bought cars two years ago are making money if they sell now.
“The market was saturated four years ago, but it will take at least 18 months to correct. It is a good time to sell.”
A 2017 Jeep Wrangler short wheelbase typically cost about Dh75,000 ($20,500) two years ago. Now it is priced closer to Dh90,000.
Other second-hand vehicles on the forecourts retaining value include the Audi S3 and Volkswagen Golf R.
Neither vehicle has depreciated in value since 2020, with models from 2016 still selling for up to Dh80,000 today. A new high performance sporty VW Golf R costs about Dh160,000.
Talib Alrubai, chief executive of Alba Cars in Dubai, said shortages had forced a change in the buying habits of dealerships.
“The main dealers have nothing to sell, so they are going out into older car markets with more kilometres on the clock,” he said.
“It is becoming very competitive, and used cars are increasing in price.
“We are buying back the same cars we sold a year ago for the same price.”
Alba Cars deals in mid-luxury vehicles, with demand for European brands on the rise, Mr Alrubai said.
“Maserati are also in demand in the used market for their reliability, as is Alfa Romeo,” he said.
“It is a similar story for Mercedes, Porsche, BMW and Audi.
“The new shape Range Rover has a two-year waiting list, where usually the wait would be three to six months.
“An online car sales site recently sold a new model for more than Dh1.5 million, when the list price would usually be just Dh800,000.”
As Dubai has no controls on the number of vehicles that can be exported, cars that are in demand are also being shipped out to other markets, adding to shortages.
Strong collectors market for rare cars
Porsche 911 models have also appreciated in value, while others such as a 2013 911 Carrera S bought two years ago will sell today for the same price, about Dh200,000.
It has created a booming market for collectors like Dave McCay, a passionate British car fanatic living in Damac Hills, who has recently bought and sold cars including a Porsche, McLaren, Jaguar and Aston Martin.
“There is still more value in cars here in terms of bang for buck than you can get in almost any other country,” he said.
“But the mid to high-end car market has suffered in terms of value or good deals as more and more dealers have entered the market.”
He said the transition towards electric vehicles was is also likely to have a big impact on the second-hand car market in the years ahead.
“The drive to electric has pushed the market forward and not only for Tesla but all the other up-and-coming brands like Polestar and Lucid,” said Mr McCay.
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Community Shield info
Where, when and at what time Wembley Stadium in London on Sunday at 5pm (UAE time)
Arsenal line up (3-4-2-1) Petr Cech; Rob Holding, Per Mertesacker, Nacho Monreal; Hector Bellerin, Mohamed Elneny, Granit Xhaka, Alex Oxlade-Chamberlain; Alex Iwobi, Danny Welbeck; Alexandre Lacazette
Arsenal manager Arsene Wenger
Chelsea line up (3-4-2-1) Thibaut Courtois; Cesar Azpilicueta, David Luiz, Gary Cahill; Victor Moses, Cesc Fabregas, N'Golo Kante, Marcos Alonso; Willian, Pedro; Michy Batshuayi
Chelsea manager Antonio Conte
Referee Bobby Madley
Miss Granny
Director: Joyce Bernal
Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa
3/5
(Tagalog with Eng/Ar subtitles)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The%20specs
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The five pillars of Islam
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
MATCH DETAILS
Juventus 2 (Bonucci 36, Ronaldo 90 6)
Genoa 1 (Kouame 40)
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
India Test squad
Virat Kohli (c), Mayank Agarwal, Rohit Sharma, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Rishabh Pant (wk), Wriddhiman Saha (wk), Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
