In the past due to strict debt laws, lots of expats leaving the country left behind their luxury vehicles near airport. This adversely increases the quantity of abandoned cars in a Middle East. Some reports suggest that more than 2000 sports cars were parked near airports of main cities to avoid jail sentences for money owed.
High performance Ferrari Enzo worth $1.5 million, allegedly abandoned in Dubai and Abu Dhabi by leaving expats. They were defaulters of banks and they fled away to their home countries to avoid imprisonments as under Islamic laws observed across U.A.E. Not only expats which are involved in leaving luxury cars on roads but also some of the locals of U.A.E are also involved in car abandoning. Inflation and global financial crisis affected about 60% of people in U.A.E and other adjoining countries.
The most important thing to note here is the procedure of bank loans which are available to public in very flexible conditions to even an average salary people. In a result most of the peers took hefty loans for cars to keep up the pace with society but they struggled to make repayments and fallen in a trap of debt. However, locals found backing of their government in their favor while expats found no such luxury from government.
One of the advantages foreigners found in Middle East particularly in U.A.E is that the government takes no tax from salaries. So, it’s a bonus for expats and they could get a very nice car very easily. Europeans and Americans have very high tax rates in their home countries and they cannot afford the luxury of having high-end cars like Ferrari or Lamborghini but they roamed around in convertible cars in U.A.E breaking the speed limit barriers on most roads.
Municipality found cars on airport and they reported the drawback of high-end luxury cars occupies much needed spaces in the airport parking lots. But they converted this drawback into plus by auctioning these luxury cars at reduced prices.
If the authority find out the car being abandoned, their on-field inspectors issue a legal warning. And if the respective owner of a vehicle fails to respond within 2 weeks the car will be taken to a police scrap yard department where it can be reclaimed after the payment of fine. However, most of the vehicles are never reclaimed which result in auctioning of hundreds of luxury card every year.
