According to CarSwitch.com, Nissan Patrol, Lexus IS & Toyota Land Cruiser have earned highest resale value in the UAE after 1 year of purchase and in that exact order! UAE’s first online market place for inspected and warrantied used cars, CarSwitch handles requests to help users sell or buy cars. Using this transactional data, CarSwitch has identified which cars depreciated the least and were therefore the best value for money this year.
The Nissan Patrol SUV tops the charts and its no surprise, it’s one of Dubai’s most popular SUVs. A Nissan Patrol, the vehicle with the highest resale value in the UAE, retains between 85-88% of its purchase value after the first full year of use, which is appreciably better than the overall average of around 80%. In a close second and third place is the Lexus IS and Toyota Land Cruiser, indicating that mass luxury models can hold good residual value. The remaining top spots are occupied by popular mass market sedans, the Toyota Camry – North America’s favourite sedan – followed by Nissan Sentra, and Honda Accord – North America’s second favourite. Finally at number 7 is the Ford Edge and the only American make vehicle on the list.
Used car prices (an online valuator here) is an elusive topic, especially in UAE with a relatively large segment of expats exiting (or entering) the market that pressures prices. Imad Hammad, the co-founder & CEO of CarSwitch.com, added “many factors impact used car prices, from supply and demand fundamentals to promotions on the price of the car new to the color, specific features, and condition of the specific used car at hand. Our team has analyzed thousands of data points to normalize for many of this, but even a burst in grey market imports naturally has a sudden impact on pricing”. UAE’s introduction of VAT next year, and its applicability to new cars, will be another factor to impact value retention of used cars. So for residents looking to sell cars it is not always a straight forward answer on best models or time to sell, though these analyses certainly help shed some light.