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The value of the secondhand car market on OLX Lebanon exceeded $2 billion in 2017

February 7, 2018
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The value of the secondhand car market on OLX Lebanon  exceeded $2 billion in 2017

OLX Lebanon, the leading secondhand marketplace in Lebanon, has recently released a comprehensive report highlighting Lebanese secondhand car market trends and consumer behavior during 2017. According to the report, the value of second hand cars listed for sale in 2017 reached $2 billion. The report also indicated that cars manufactured in 2007 and 2009 were the most listed models on the platform.

The report indicated the distribution of secondhand cars listed for sale across all Lebanese governorates, where Beirut had 132K cars, Mount Lebanon came second with 111K cars, the North came third with 84K cars, followed by the South with 53K cars, Bekaa with 49K cars and Nabatieh with 47K cars.

The most searched cars in 2017

German, Japanese, and American cars topped the list of the most searched on OLX Lebanon in 2017, with Mercedes C Series being the most searched with about 13K searches and average price of $8800, followed by Honda CRV with 10K searches and an average price of $13,300, and BMW X5 with 9.5K searches and an average price of $13,200, followed by Jeep Wrangler with 4K searches and an average price of $22,400, and Picanto with 7K searches for $6,000.

The most listed secondhand cars brands and their average prices in 2017

Average Price Listings Brand
$9K 57K BMW
$10,1K 46K Mercedes Benz
$8,4K 22,4K Honda
$11,1K 15,2K Toyota
$8K 15K Nissan
$6,6K 12K Volkswagen
$4,6K 11K Renault
$12,4K 9K Jeep
$7,3K 8K Kia
$8,3K 6,3K Hyundai

 

OLX became the reliable platform for Lebanese looking to purchase secondhand cars, with over 68,000 users daily during 2017. Each one of those users spends 10 minutes on average to browse hundreds of thousands of secondhand cars on the platform. OLX Lebanon witnessed a massive growth of 65% growth in traffic and a fourfold increase in the number of cars listed for sale during 2017 compared to 2016, which consolidated OLX’s position at the forefront of the secondhand car market in Lebanon.

Commenting on the results of the OLX Lebanon report, Mr. John Noja, General Manager of OLX Lebanon, stated: “The uplift in secondhand cars listings, searches and leads, reflects the growth of this sector, and the tendency of Lebanese people to acquire a durable and affordable car that suits their needs. Alongside their satisfaction with OLX platform enabling them to make quick and profitable deals when selling or buying secondhand cars.”

Moreover, the report provided an overview of the secondhand car market trends during 2017. A car was listed every 52 seconds on OLX Lebanon and each received an average of 11 inquiries from potential buyers, with every car receiving the first lead within 48 hours of it being listed.

“OLX urges secondhand cars’ buyers to do the necessary inspection and research before any purchase, to assure that the car is in good condition and is defect-free. As OLX showcases the largest number of vehicles in the market, the buyer, on the other hand, must validate the car’s specifications and durability before the completion of the deal.” concluded Mr. Noja.

Words from OLX Clients about their experience:

Roy and Maroun Habche, M.R.H Motors Showroom: Since we started using OLX Lebanon, our sales increased by a range of 50% to 60%.

Chadi Nasrallah, Chadi and Maysan Nasrallah Showroom: We started placing listings for cars on OLX a while back, and we witnessed an uplift in demand and leads from both Lebanon and abroad. OLX made it easier for potential buyers to communicate with us.

Nicolas Kousairy, Royal Car Showroom: We started using OLX to list all the cars we have. Even sometimes, when we buy the car from the US, we list it for sale before it reaches Lebanon. We have noticed high demand and leads on OLX. As 40% to 50% of the cars we list for sale are being sold very quickly.

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