- OLX Lebanon witnessed over 639,072 active users during September only, with around half of them visiting the Cars section
- The average Lebanese user spends approximately 12 minutes on the platform per visit
- OLX Lebanon recorded a growth over the past year in the future classic cars market that were manufactured between 1980 and 1999
- German-made classic cars, such as BMW and Mercedes took the lead, followed by American cars such as Dodge and Chrysler, and then Japanese cars such as Infiniti and Lexus
Beirut, Lebanon: Since its launch a year ago, OLX Lebanon became the reliable choice for the Lebanese who want to sell or buy a car, as it has experienced a tremendous growth of 274% in the number of listings this year, compared to last year. In this report, OLX Lebanon sheds light specifically on the category of cars made between the period of 1980 and 1999 and classifies it as future classic cars that represent an alluring investment opportunity, not only limited to car enthusiasts and lovers but available to all Lebanese.
Lebanon is known for being a market rich in classic cars. Per this report, which covers the period between March and September 2016, German cars topped the classic cars list, with BMW registering more than 10,272 ads, followed by Mercedes with more than 6,899 ads. Moreover, the platform witnessed the addition of more than 500 Audi cars and about 92 Porsche cars. The list also includes other types of cars, such as Dodge, Chrysler, Jaguar, Lexus, Alfa Romeo and Infiniti.
The acquisition of a classic car is a good investment, however, the earlier you buy the car, the higher the profit. After browsing OLX, Fouad Rasamny, a car collector, commented: “I see a lot of cars with high potential to soon become classic cars, such as the FIAT 500 Abarth or Porsche Turbo or MG. Buying a classic car requires time and effort to maintain and improve it, we buy the car before its price goes up, while making sure it has exceeded 30 years of manufacture. As time goes by, these cars become a rare treasure, especially if they are in good condition, every car collector will aim to own it and that is when we sell it, earning a high profit and buying other cars”.
Abdallah Touqan, Director of PR and Communications at OLX MENA, said: “The acquisition of cars is a popular pastime for some, who see it as a profitable investment. Today, OLX offers people the chance to acquire a classic car at affordable prices, which will become high-priced classic cars in the near future. “
OLX Lebanon provides expert tips for potential buyers to pick the best Future Classic Car:
- Research the market extensively before making a decision
- Consult with a car expert or a mechanic to ensure the originality of the car’s engine and motor
- Purchase original car parts from authentic franchises to increase value of your vehicle
- Choose a customized or limited edition vehicle for added value
Touqan added: “The revenue generated by this sector is increasing with time, turning classic cars into a huge market that is attracting investors. The car doesn’t require being preowned by a celebrity to ensure it will get a high price, as time alone converts old cars to classic cuts, transforming them into wealth in the palms of car collectors; or, in this case, those who seize the opportunity.”
The classic cars market is witnessing a remarkable growth and attracting global attention, where these models now have their own clubs, festivals, exhibitions and museums. With a leading and free online classifieds platform like OLX, planning a brilliant future is now possible with limitless options and ease of handling. The process is quite easy and your lifetime investment is just one click away!
OLX is the world’s leading classifieds platform in growth markets and is available in more than 45 countries and over 50 languages. OLX connects local people to buy, sell or exchange used goods and services by making it fast, easy and free for anyone to post a listing through their mobile phone or on the web. Every month, hundreds of millions of people in local markets around the world are already using OLX’s online marketplace to find and sell a wide range of products, including furniture, musical instruments, sporting goods, cars, kids and baby items, motorcycles, cameras, mobile phones, property and much more. OLX operates in fast-growing markets around the globe, where OLX helps people improve their lives through smart person-to-person trade. OLX Arabia is actively expanding in the MENA region in Bahrain, Egypt, Kuwait, Lebanon, Oman, Qatar and Saudi Arabia. OLX employs more than 1,200 committed employees worldwide located in places like Bangkok, Buenos Aires, Cape Town, Delhi, Jakarta, Lagos, Lisbon, Manila, Nairobi, Poznan, Rio de Janeiro and São Paulo.