Used goods get a thumbs-up

Oman Daily Observer - - FRONT PAGE -

Joseph Alexan­der, for­merly with the ve­hi­cle in­sur­ance sec­tor, feels it makes sense for some ex­pa­tri­ate con­sumers to go in for used cars be­cause the loss will be min­i­mal when they have to sell them.

“The de­pre­ci­a­tion rate is higher for ve­hi­cles, so the loss will be high on a higher in­vest­ment.” He said it is eas­ier for con­sumers to get loans on used cars and ver­ify whether it had any ac­ci­dent be­fore.

Ibrahim al Balushi wanted to buy a high-end lux­ury car and he found it eas­ily through Olx within his bud­get. “I didn’t get the colour of my choice, but still it is fine as I could own a big car.” He, how­ever, warned that not all sell­ers were hon­est and there may be at­tempts to hide some facts. “This is the risk we may have to take be­cause even those sell­ing new prod­ucts may be not that hon­est.”

Home fur­ni­ture is an­other pop­u­lar prod­uct on so­cial me­dia. “The new ones are ex­pen­sive and peo­ple want to change their home dé­cor ev­ery three to four years,” said an ex­ec­u­tive at a fur­ni­ture show­room. The af­ford­able ones are of very poor qual­ity and may not last even a year, he said.

Ac­cord­ing to the Mar­ketWeek web­site, there will al­ways be a strong sec­ond-hand mar­ket be­cause peo­ple are look­ing at max­imis­ing their re­turns on in­come. It said the rise in the sec­ond-hand mar­ket is pos­ing prob­lems for those sell­ing new goods.

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