1. The Egypt Used Car Market witnessed a sharp growth rate in terms of Used Car Market Revenue with higher number of user’s decision to buy used cars.
Egypt Used Car Market is currently in its growing phase and registered a CAGR of 5.9% in the period of 2016-2021. Buyer’s decision to buy used car has been positively affected due to several reasons such as the ease of resale and ease of maintenance and availability of spare parts at reasonable prices on the other. The market growth is further supported by manufacturers’ investments in expanding the network of used cars dealers, building the brand and enabling customers to choose this option. Use of advanced technologies such as AI to valuate car online by looking at the pictures only, 360-degree view of the interiors of the car, etc., has been taken into use to enhance digital experience of consumers.
2. 3 in 4 consumers prefer to buy used car due to several factors, including the cost of license, the decline in car’s value once they are licensed, affordable maintenance and low price of spare parts, etc.
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Consumers buy a new car every three to four years, while others prefer to buy used cars to avoid paying licensing costs for new models. On an average, Egyptians use ~3 used cars on a purchase of 1 new car as new cars are currently facing a shortage in supply, due to the agents changing their import policy on the back of the economic fallout of the COVID-19 pandemic. Used to new car sale is rising as used vehicle models have lots of the latest technologies that large families can easily accommodate and enjoy good features & new technology at relatively low rates compared to the new vehicles.
3. The Un-organized sector dominates the Used Car Market in Egypt.
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Un-organized sector commands the lion’s share in overall market. The awareness about buying and selling used cars has increased through online advertisements and publicity in Egypt. Independent dealers have major influence on the market due to their large presence across the country. These dealers are increasing their online presence by listing their inventory on their own websites and Facebook accounts or platforms, thereby attracting customers.
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