Car market on the up?
Impact on used values; plus could fuel prices have an impact?
By Shahzad Sheikh
As the end of the year approaches –as does the important Dubai Motor Show, we’re getting a lot of press releases telling us that things are hunky-dory for car markers. We bin those releases. However…
It’s emerging that they might actually be telling us the truth this time and not just manipulating the figures. Why do I say this? Because it’s what independent industry analysts Autodata are saying.
‘It would seem that the whole industry has picked it self up, brushed it self down and got on with business following all the problems of the last six months,’ says Bill Carter of Autodata Middle East.
What else has he got to say for himself? Seems the humble Toyota Yaris is doing well in terms of used residuals. Apparently the 2010-2011 Toyota Yaris is in short supply somehow so values have gone up a little. Having said that Autodata also warns against complacency as the competition starts to catch up, as price conscious buyers start to look elsewhere.
It cites the Kia Picanto as a car that matches the Yaris for residuals in year five, and as far as new models are concerned, I would add that Chevrolet’s new Sonic is definitely an enticing prospect for the same money.
But back to used cars and ‘if the quest for quality used cars continues we will see values rising for the models that are in demand across all sectors,’ says Carter.
However he adds: ‘One point to keep an eye on is the debate over fuel prices in the UAE. If we get the price rises that the press have been indicating, we could see a change in the market demand going forward. More to come on this subject I feel.’
We concur.
Let us know what you think below
