Are you planning on buying a car this year?

Are you planning on buying a car this year?

The results are in.

October 11, 2009 2:06 by Aarti Nagraj

Car sales in the UAE are expected to increase by 5 percent between mid September 2009 and end 2010, according to a study released by the Dubai Chamber of Commerce and Industry (DCCI) last month. It also forecast that car ownership would rise above 55 percent this year, adding that Dubai accounts for nearly 50 percent of the total vehicle stock in the country.

However, going by our poll, the majority of our respondents – 56 percent – said that they are not planning on buying a car this year. The financial crisis has hit the country hard, and most people are refraining from spending. Inversely, many people were also forced to leave their cars behind before leaving the country; media reports earlier this year estimated that close to 3,000 cars were dumped at the Dubai airport. Although authorities rubbished the reports at the time, the Dubai municipality said last month that the number of vehicles abandoned in Dubai increased by 20 percent in the first seven months of 2009.

The other problem is getting a car loan from the bank; more than 4 percent said that they might buy a car if they are able to get a loan. However, the DCCI study says that the situation is improving.

Pages: 1 2

Tags: bank, Banking & Finance, buy, car, Financial Crisis, loan, sales