JEDDAH, 27 February 2003 — The secondhand car market here is revving up again, with prices of certain brands dropping by as much as 25 percent.
One reason is the threat of war, which has caused some expatriates to leave and sell their cars. Another is the deals offered by companies and agencies for reconditioned cars as well as various plans offered by dealers, including trade-in and leasing and monthly installments with no down payment.
Muhammad G. Masood, 35, a Pakistani computer specialist, says he is asking SR35,000 for his car but is only receiving offers in the SR22,000 to SR25,000 range.
A survey of the secondhand car market in south Jeddah confirms the boom in secondhand car sales. “There has been a real increase in the number of automobiles coming on the market, especially at weekends,” said Khaled Al-Qarni, who assists sellers and buyers at the market.
Individual owners come and offer a test-drive to interested buyers. “We help once they make a decision. We do all the paper work involved and assist in Istimara transfers,” Al-Qarni said.
Toyota Corolla and Cressida are among the best-selling secondhand cars. “Toyotas have stood the test of time, and are known to give value for money. They are cheaper to maintain than other brands,” said Ibrahim Hashim, a car company executive.
Those who cannot afford new cars are increasingly opting for used cars, market sources say. “We recondition the cars we get through our trade-in facility and price them in such a way as to attract buyers,” says another executive.
