Most of us can’t imagine abandoning our super-expensive luxury car in the middle of nowhere, but in Dubai, such luxury cars are common. Why would someone abandon an item worth tens of thousands of dirhams or even millions of dirhams? Let us investigate the answers to these concerns, as well as the possible causes of Dubai’s abandoned luxury cars. CarSwitch, an online marketplace for buying and selling cars in UAE, is sharing some of the details with you.
Figures and Facts
There has been a lot of ambiguity about why expensive cars are being abandoned in Dubai, and a few theories have surfaced.
According to the famous newspapers in the region, between 2,000 and 3,000 high-end cars are left in Dubai with the keys in the ignition every year. Not only will you find one brand’s supercars abandoned in the city, but you’ll also find practically all models of luxury manufacturers such as Audi, Ferrari, BMW, and Bugatti stuck in city streets and parking lots.
The luxury cars abandoned in Dubai belong to expats and foreigners who live in the city for employment and business.
Why Are There So Many Abandoned Luxury Cars In Dubai?
Enzo, one of the most valuable Ferraris, was discovered abandoned in Dubai shortly after the financial crisis of 2009. It had been handed up by a British expat who had lived in the area his entire life. He flew away to avoid imprisonment, according to sources, because he couldn’t pay off the remaining loan on his supercar.
In this case, the probable cause was an unmanageable financial load and the threat of jail. Let’s take a look at what happens when premium cars are abandoned due to financial default:
Non-Payment Of Debts
A big number of expats travel to Dubai for work since it is a country of opportunities. Many foreigners splurge to keep up with the emirate’s extravagant living standards. They buy large mansions and high-end cars. However, they are in debt due to bad financial management. Failure to pay a debt is a significant offence in Dubai, according to the law.
When the deadline for paying off the debt approaches, these obligations become a terrifying burden. As a result, many luxury car owners decide to ditch their prized possessions and flee to avoid arrest.
Unable To Sell Car Due To Restrictions By Dubai Law
Why don’t owners of showy cars sell them instead of throwing them away? They may, however, readily sell luxury cars in Dubai online. Before the car title deed may be transferred to the new owner, the owner must pay off all dues, including debts, according to Dubai’s used car registration requirements. This truth explains why insolvent ex-owners prefer to depart and abandon their high-value car in the middle of nowhere.
Read More: Can we Buy Abandoned Cars in Dubai?
Where Can You Find Abandoned Cars?
Hundreds of thousands of abandoned expensive cars can be found in airport parking lots, as previously mentioned. Other cars can be discovered parked in odd places, such as beside a store or even in residential neighborhoods.
When it comes to transporting abandoned cars in Dubai, the legislation is a little different. The government pays little attention until the abandoned car becomes a traffic hazard or homeowners or business owners begin to protest. Such cars are very likely to stay at their current location for over a year.
What Happens To The Dubai Abandoned Cars?
The Dubai Municipality seizes any abandoned car found in the city. The owner of the car is given 15 days to come back and claim their car after it has been seized. If this is not done, the car will be auctioned in Dubai. The cars, while being valued at a million dollars, are sold for peanuts since they have been dusty and destroyed by the weather. As a result, licensed car dealers can attend the auction and buy a Ferrari or BMW for the lowest possible price.
