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Bahrain Used Car Market Trends in 2024
Bahrain Used Car Market Trends in 2024

Bahrain Used Car Market Trends in 2024

May 10, 2024
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A Quick Glance at Bahrain Used Car Market Trends 2024

The used car market is evolving and swelling up globally, especially in Middle Eastern countries. The Middle-East and Africa (MENA) used car market has been growing, over the years. In 2021, the market value was $18.2 billion. It is projected to reach $32.2 billion by 2027. The top selling pre-owned car brands are Nissan, Toyota, Honda and Land Cruiser. Take a look to know how the pre-owned car space in the Middle-Eastern countries is evolving.

Pre-Loved Car Market : Evolution and Expansion

Pre Loved Car Market Evolution and Expansion

In the Middle-Eastern countries like Bahrain, the used car market trends show high projected growth between 2021-2028. According to various research, the market has a CAGR of 4.9% in the projected period of 2021 to 2028. This is expected to reach USD 127,672.10 million by 2028. The used car market is expanding due to the strategic collaborations between key players. These agreements are creating new opportunities for the market. Let’s focus on the reasons of such growth:

As the used car market trends are constantly evolving, it is always better to understand the latest trends before making a purchase. A used car purchasing guide can also help you better.

Rapid Depreciation

The rapid depreciation of new cars due to the extremely hot climate is one of the reasons for the growth of pre-owned car demand. The extreme weather impacts the vehicle’s condition badly, hence the value depreciates. The popularity and demand of used cars are growing as purchasing this work is the most cost-effective solution.

High Purchasing Power

The robust economy of the Middle-Eastern countries and the high purchasing power of residents of cities like Bahrain contribute suggestively to the demand for pre-owned cars, particularly luxury brands. Many residents prefer to go for pre-owned luxury cars as a cost-effective choice to purchase new ones. This enables them to experience premium driving pleasure at half the cost.

Advanced Technology

The advent of new-age hybrid and electric vehicles, and technological boost in the automobile space, like internet connectivity, have drifted the buyer’s position in the market. Furthermore, users are now knowledgeable of the vehicle’s residual worth, finance charges and payment terms, availability in the used car market, and the price paid. This know-how has changed the dynamics and enabled the users to use customer insight to their advantage. As a result, today’s car buyers are more likely to purchase pre-owned cars.

High Cost of New Cars

The high cost of new luxury cars, affordability and shoot-in demand for off-lease vehicles have made people shift to the realm of used cars. The ratio of new and used cars has increased significantly in both developing and developed nations, worldwide.

Dealership Engagement

Moreover, renowned dealers like Albandar Cars and their OEM engagement in certification, online inventory pooling, marketing programs, and access to high-quality contracts are endorsing the used car market to expand visibly.

Primarily for these reasons, we can see a sweal in the used car market space in Bahrain. There are so many renowned and acknowledged dealerships that deal with used cars in Bahrain. Here is a detailed note on the advantages of buying a used car.

Buying a Used Car : Know the Plusses

Buying a Used Car Know the Plusses

Wide Spectrum of Brands and Models

If you are planning to buy a pre-owned car, ideally you should get a very broad spectrum of choices within your budget. Had it been, new cars, you wouldn’t have been able to afford the top-end variant or a luxury brand. That becomes feasible in the used car market, so pick and choose from an array of your favourite cars.

Slower Depreciation

New vehicles depreciate fast. But interestingly, pre-owned cars have already undergone that depreciation stage and now display very slow depreciation signs. The rate of general wear and tear is significantly low. Thus, this is another reason to make the used car a cost-effective choice.

Low Insurance Rate

The insurance premium of the used car is much more reasonable as compared to brand-new cars. As insurance premiums are directly proportional to the age and depreciation condition of the vehicle, used cars have significantly low premium rates.

Assured Reliability

Buying used cars from renowned dealers like Albandar Cars is always the best choice. Most of the reputed names in the used car market provide certified cars with a warranty. Thus the quality and running condition of the vehicle is assured.

Easy Financing

Not only car market value is reasonable and affordable, but you can get easy financing plans for the same. Banks and NBFCs offer car loans on pre-loved cars on easy payment terms.

Certified Used Cars : A Deep-Dive

While exploring the used car market, everyone comes across and learns about certified cars. Do you know what all criteria make a car certified? Take a look.

Going by the nomenclature, certified cars are evaluated, acknowledged and refurbished pre-owned vehicles, usually sold by the same brand or big dealerships like Albandar Cars. Every dealership that specialises in used cars has a specific evaluation checklist. The checklists comprise 100 plus criteria. Automobile surveyors use the checklist to evaluate every vehicle that comes to them. Once a vehicle fulfils the list of criteria and gets the essential refurbishment required, the dealership certifies the car in the used car market segment. Moreover, the dealership even provides assurance and warranty on these evaluated cars.

The benefits of buying a certified pre-owned car are endless. Here is the list:
  • Certified cars come with a warranty, ensuring good functionalities of the vehicle.
  • Every certified vehicle in the used car market is a better value for money choice.
  • Many dealerships like Albandar Cars offer additional perks with certified vehicles like free maintenance and roadside assistance facility.
  • As per the used car market trends, most of the certified vehicles come with a vehicle history report. So buyer knows all the nitty gritties of the vehicle before making a purchase decision.

Tips for Buying Used Cars : What to look for

Used Car Market Trends

Once the decision to buy a pre-loved vehicle has been made, it is time to know the essential and not-to-miss factors which are to be checked while finalising a used car.

Budget

Fixing a budget is the primary step. Everyone’s capacity and affordability varies and it is necessary to fix a budget. This helps in researching and finalising the choice in no time. With a budget in mind, you know which variants and models you can check out as options.

Research

Now, that you have fixed a budget, research is the ultimate thing and one of the most crucial preparations to do before finalising a model and variant. There is an abundance of options in the used car market and lack of research might often lead to inappropriate choices. Along with research, checking online authentic reviews is also an important task.

Document Evaluation

Once a pre-owned car is finalised, you need to check all the necessary documents and evaluate its authenticity. From insurance policy and RC copies to loan and warranty papers; everything must be checked and thoroughly evaluated. Leading Bahrain-based dealerships like Albandar Cars check every paper in detail, before certifying their used cars.

Check the Price

If you have any doubt regarding the price quoted for a particular model, it is always advised to check with other dealers in the used car market space. Reputed players in the market like Albandar Cars can be trusted with the pricing as they are competitive and never exceed the market rate.

Certified Cars: Always

Needless to say, buyers should always look for certified vehicles and buy from big dealerships. Even if the non-certified vehicles cost less, they lack in several other aspects like reliability, quality and warranty. Moreover, choosing a small unorganised dealership for a car purchase is a big No in the used car market space. Big dealerships have streamlined processes of purchase and sale and document verification. It makes the purchasing process quick, reliable and seamless.

Middle-eastern countries like Bahrain are expanding their used car market domain over the years, from 2021-2028. With reputed dealerships and their streamlined process of sale and purchase, the used car space is developing like other developed nations of the world. Plan a budget and fix a model before coming to a renowned dealership. Experience a hassle-free purchase transaction and take your driving pleasure to the next level.

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JABUR ABDULLA NASER ALMUSALAM
Chairman, Al Bandar Cars
As Chairman of Al Bandar Cars, I am honored to lead one of the most reputable car dealerships in Bahrain. We take pride in offering a wide range of vehicles that cater to different budgets and needs, coupled with exceptional customer service. At Al Bandar Cars, we continuously strive for excellence, and our commitment to our customers remains at the forefront of our operations.
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