The used vehicles market in Qatar outperformed the overall automobile sector in May month-on-month, indicating the shifting consumer preference amidst uncertainty.
The transfer of ownership was reported in 15,721 vehicles in the review period, which saw a 17.6% jump month-on-month in May; even as it declined 35.4% year-on-year, according to figures released by the Planning and Statistics Authority.
The transfer of ownership constituted 19% of the total clearing vehicles in May this year compared to 13% the previous month.
The total clearing vehicles were 81,968 units, declining 20.9% and 18.9% year-on-year and month-on-month respectively in the review period.
Renewal of registration was reported in 62,777 units, which saw 3.7% and 24.4% declines on yearly and monthly basis respectively.
The new vehicles segments appear to have taken a toll in the review period, as people by and large temporarily suspended their buying plans in view of uncertainties, especially due to the Covid-19 pandemic.
New vehicles' registration stood at 1,878 in May this year, which reported 66.8% and 25.9% shrinkage on yearly and monthly basis respectively.
Registration of new private vehicles stood at 1,063, registering 74.4% and 16.6% declines year-on-year and month-on-month respectively in May 2020. These accounted for about 57% of the new vehicles registered compared to 50% in April.
Registration of new private transport vehicles stood at 570, which constituted 30% of the total new vehicles in the review period. Such registrations saw 44.2% and 16.8% shrinkages on yearly and monthly basis respectively in May 2020.
Registration of new motorcycles shrank 46.5% and 64% year-on-year and month-on-month respectively to 107 units, or 6%, of the new vehicles registered in May this year.
Registration of new heavy equipment saw 51.8% and 16.2% yearly and monthly plunge respectively to 79 units, which constituted 4% of the total in May 2020.
Registration of new trailers stood at just two, which represented 96.7% and 66.7% contractions year-on-year and month-on-month respectively this May. Trailers constituted less than 1% of the total registration of new vehicles.
New registration of other non-specified vehicles stood at 57, which shrank 19.7% and 72.2% on yearly and monthly basis respectively in the review period.
Auto loans from the commercial banks in the country were on a rough ride with credit to both the nationals and the expatriates dropping in the review period, according to Qatar Central Bank (QCB) data.
According to QCB data, auto loans for Qataris and expatriates dropped 23.68% and 30% year-on-year respectively during the month in review.
The personal loan segment saw about 2% growth for Qataris; while it fell 16.42% for non-Qataris in May 2020.
Re-registration of vehicles saw 89.5% and 18.8% declines year-on-year and month-on-month respectively to 26 in May this year.
Cancelled vehicles stood at 165 units, which witnessed 90.9% and 71.5% plunges on a yearly and monthly basis respectively this May.
Modified vehicles accounted for 539 in May this year, which saw 85.3% and 28.7% contractions year-on-year and on a monthly basis respectively.
The number of lost/damaged vehicles was 421; which shrank 72% and 9% on yearly and monthly basis respectively in May 2020.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
IMF sees 6% world growth this year, warns developing nations are falling behind
Tesla posts record profits, offers muddy outlook for batteries, Cybertruck
QSE stays in negative terrain despite bullish foreign individuals
German firms eye opportunities in Qatar’s security sector, says trade office representative
Commercial Bank Group H1 net profit jumps 47.3% to QR1.33bn
Mekdam keeps reference share price at QR5.5 with face value of QR1
Commercial Bank wins ‘Best Bank in Qatar’ award by Euromoney
QIIB’s net profit surges 6.1% to QR544mn in H1