Million Dollar Scrap Yard! The Story Behind Abandoned Supercars in Dubai
A swoony sensation enraptures car enthusiasts around the globe when they hear the name Dubai.A high number of luxury car rentals and limousine rentals are widely available. And as a result, supercar rental in Dubai has never been so easy. But the same folks were rather disheartened to find out a vast number of high-end luxury cars abandoned along the flanks of streets across various garages, airports, and other parking lots.
It may be rather a regular sighting for the residents of UAE but an entirely novel phenomenon for the tourists and other international visitors to see such flagship and ultra flagship luxury cars left to rot in the sweltering heat and dust.
A staggering number of vehicles exceeding 3000 are discarded each year. A survey showed that almost every known luxury car brand pops up in the surreal list of abandoned cars including RollsRoyce, Mercedes, Ferrari, Porsche, BMW, Lamborghini, Bentley, Buggati, Jaguar, Range Rover, Nissan skyline, Ford Mustang with varying models of these respective brands.
The law enforcement in Dubai has found this issue to be a regular headache to deal with. Time and time again they need to de-clutter the parking spaces in various locations to make way for other drivers to prevent unnecessary congestion. These abandoned cars are impounded for a period of six months and the owners can acquire the cars after paying a fine before the stipulated time after which the cars are auctioned for a very puny amount and sold to the highest bidder.Such actions have resulted in services like exotic sports & luxury car rentals in Dubai.
Unfortunately, there are only speculations and vague reasons to actually justify this phenomenon.
The Cause & Aftermaths
A uniform pattern of discarding the vehicle was first noticed from the year 2008 to 2010 during the recession. Many nations and metropolises crumbled during that time and UAE’s economy was also badly hit. Financial institutions began to face the heat of the rising debt as most of the expatriates were unable to repay the hefty loans. The impact caused by the recession took a hefty toll on the expatriates who lost their jobs and most of them found it extremely difficult to float their business collaborations and start up’s.
Almost every sector which supported Dubai’s economy such as tourism, real estate, finance came to a halt. As the debt started piling up the defaulters had an option to either move with the due process of law and pay back the loan or face jail time. A majority of them chose neither and fled the country leaving back everything they owned. The debts were lofty enough for them to never return back. Since then the laws have changed and the loan defaulter can settle the cases through the court rather than face charges.
The fleeing expatriates were never affected once they left the country as the lending institutions in Dubai had no affiliation with other international banking agencies then. Now the dynamics have changed and Dubai has allies through various banking agencies across the globe and it’s much easier to trace back the non-payers.
Astonishingly some conscious stricken owners of these vehicles have even left a note to the authorities explaining the reason for disposing of the vehicle along with the key in the ignition. It’s not just the debtors but a certain number of wealthy owners are also responsible for abandoning their vehicles for reasons unknown. Cases of misplacement have also been reported as some of them have lost count of the cars they owned.
Now a growing trend has been observed among the wealthy as they have been more into luxury cars and SUV rentals rather than owning them. A close analysis revealed that most of the luxury car owners used the vehicles only for a short period of time and often it was parked. It’s a highly depreciating asset and we spend excessive money on maintenance and tax.
A recent study has also indicated that consumers in UAE have a high demand for eco-friendly products and sustainable practices due to which they gravitate more towards renting a luxury vehicle than owning them. They have considered renting a vehicle to be an eco-friendly solution for decreasing pollution. A different aspect of supercar rentals is the diversity in which we can choose. Every drive can be a brand new and undeniably glamorous experience.
The Way Forward
And that is the exact experience that we at Rent Supercar Dubai have for you in terms of quality and service. We have an extensive range of supercar rentals with the likes of Ferrari 488 GTB, 2020 Ferrari f8 Tributo, Ferrari California 2020, Lamborghini huracan rentals, and also SUV rentals among other premium supercars. For various big and unique events, we also provide limousine rentals in Dubai.
We have carved ourselves in the world of luxury car rentals in Dubai to be one of the most exceptional and unbeatable teams renowned for customer satisfaction. If you are thinking about experiencing an ultimate drive without any care or responsibility about a loan and maintenance, then you have arrived at the right spot because we take care of all these hurdles and you can drive away hassle-free.