There has been a considerable increase in demand for used cars across the country. Indians sold cars worth over Rs 1,250 crore in the first quarter of the year.
The Drive Time Quarterly Report by CARS24 showed that the company recorded a massive jump in the sale of pre-owned cars from January to March this year, registering a 100 percent jump in sales compared to the figure in January to March 2022.
Also Read: Here Is How You Can Start Your Second Hand Car Business In India
Commenting on the recent trend, Gajendra Jangid, Co-Founder of the company, stated, “With the resumption of work from the office and the importance of personal mobility, the second-hand car market is experiencing remarkable growth across India. Our observation of this emerging trend has us excited to embark on this journey with our customers and revolutionise the way India approaches the used car market.”
The report also brought to light some interesting trends. According to the Drive Time Quarterly Report, Indians spend an average of three hours browsing cars online before making their purchase.
Among metro cities, the demand for used cars was the highest in Delhi, followed by Bengaluru, Mumbai, Hyderabad, and Gurgaon. There has been a significant surge in second-hand car sales in Lucknow and Patna as well. In terms of models, the Maruti Swift was the most popular, followed by the Hyundai Grandi10.
The cheapest car that was bought in the country was the Maruti Suzuki 800, which was sold in Bengaluru for Rs 1,25,000. This was followed by the Maruti Suzuki Alto, which was priced at Rs 1,32,000 in Delhi.
Interestingly, the Volkswagen Polo remained among the most searched cars, even after being discontinued, as per industry sources.
The used car market is set to witness 10 to 15 percent growth with the introduction of the On-Board Diagnostics System 2 (OBD2), a computerized system that oversees the performance of a vehicle’s engine and other parts. The OBD2 has enhanced transparency in the second-hand car market. It also provides advantages to consumers and gives them more efficient and reliable vehicles.
Consumers are also looking at green mobility options. Apart from electric vehicles (EVs), people have also been looking at CNG cars. CARS24 has recorded a significant volume of EV searches. These figures are minor compared to the platform’s quarterly total of 1.7 million searches, but do indicate an increasing demand for pre-owned EVs.
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