Sunday, December 27, 2009

Dubai Crisis: Time to buy a Second hand car?

Dubai is a hop-n-stop destination for a lot of Indians looking to unwind and blow big bucks on branded goods. Everything from chocolates, perfumes, clothes and at one point of time, upscale second/vacation pads were bought. Now the former items are still being purchased while the real estate scene is looking extremely depressing and property prices have dipped like an out-of-control plunging elevator.

The joblessness has caused an exodus of white collar workers who lived the good life on a dream and prayer. The dream has turned sour and prayers have not helped them keep their jobs or their material wealth either. So, they are leaving behind debts owed to banks, (all that shopping on credit cards possibly didn't help either) and the banks are repossessing a lot of apartments and cars. So, for anyone looking to buy a second hand home or car in Dubai, now is the time to strike.

Dubai is afloat with a lot of top-end cars that have, literally in some cases, been abandoned by their owners. A lot of second hand resellers are now rescuing these cars and hoping to find buyers for them. If you work there or have relatives there, then coming back home with a used car can be a possibility.

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