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Dubai supercar market finds new gear

Dubai’s buoyant secondhand market is awash with vehicles that are both relatively common and extremely rare. Abdulla says Lamborghinis, Bentleys, McLarens and Porsches are staples in his showroom, but Deals on Wheels also has two Ferrari LaFerrari coupes in its inventory.

Only 500 of the vehicles were ever made, explaining why they’re on sale for $2.7 million each. Similarly, the We Cash Any Car duo recently facilitated the sale of a 260-mph Bugatti Chiron — also one of 500 — for approximately$3.84 million.

Due to their rarity, the Chiron and LaFerrari have increased in value, however that’s not the case for most luxury vehicles. Whirlwind trading has resulted in prices spiraling downwards.

“We’ve seen (vehicle) depreciation a lot higher here versus anywhere in the world,” says Chaudhry. Abdulla is blunter: “People are desperate to sell their cars, so they sell their cars cheaper.”Oversupply can be a good thing for buyers. When CNN spoke to expat supercar club member Jaylin Jarvi last year, she only had positive things to say:

“Cars are 50% the prices of other major cities. Of course I’m going buy a sports car. You’re stupid not to,” said Jarvi, who owns a Ferrari 599.

But what happens when supercar ownership isn’t the exclusive club it is elsewhere? How does one stand out at the traffic lights?

Assyl Yacine hopes he has you covered. Yacine heads up the classic car division of Tomini Classics, a company set up nine years ago on the back of an imported Jaguar E Type and an enthusiastic chairman.

The supercar market in Dubai has been “quite rich ever since the mid-1970s,” Yacine explains. But it’s geared towards new models by European manufacturers. “We appreciate the purity of older cars,” he adds. “What we’re trying to do is open up the culture’s eyes to another species of car: the post-war classics and the collectibles.”

Tomini Classics says it has sold classic cars valued anywhere from $20,000 to over $1 million. What’s more, Yacine says sales have doubled between 2015 and 2018.

“There’s a real love for speed over here,” he adds.

“If we were having this conversation a couple of hundred years ago its would’ve been the same thing with purebred horses.””People over here do like something that is unique … If you want to stand out from the crowd, getting an old Jaguar E Type or a classic European sports car — there are few better ways to do so.” Source: CNN

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