"Buy now or Wait" .. An expert review on the car market

By, 2020-04-21

سوق السيارات قطر

A number of dealers and experts in the automotive sector in Qatar are expecting prices to rise with the end of precautionary measures applied by the government to prevent the spread of the new Corona virus "Covid-19".

The domestic car market is witnessing a state of near-total stagnation, as a result of the slow down or even the stop of production for many global auto factories, in addition, the difficulty of buying and selling as a result of the precautionary measures imposed by the government since mid-March.

Anas Al-Haj, the founding director of QMotor website, is expecting an increase in the prices of new and used cars, due to the shortage in the market, and Al-Haj estimated that prices may rise by 4 to 5% for new cars, and 5 to 7% for used cars, due to the great demand after completing Corona procedures.

Al-Haj confirmed that the slow moving car market in Qatar is not caused by a reluctance to buy, as the demand is available but hidden. It is noteworthy that sales last January and February were showing a good improvement in the market, but the stopping which the virus had caused to the market reduced growth opportunities to the minimum.

The Bloomberg Economic Agency, in a report, noted that the global economy was affected by the outbreak of the Corona virus, and the extension of major auto makers to close factories, which resulted in a lack of production components for the auto industry.

And the US credit rating agency, Moody's, expected car sales worldwide to drop by 2.5% this year due to the outbreak of the new Corona virus (Covid-19).

Hence, we recommend buying now because car prices are at their lowest levels, and car dealer are expected to make attractive offers in the holy month of Ramadan to achieve revenues and move inventory. So don't wiat!