Surge in demand for used cars in India during festive season

According to a report by Aaj Tak, purchasing a car during the festive season is an extremely common and popular activity in Indian society. However, people are now not just buying new cars but also a large number of used or pre-owned cars. Due to the continuous increase in the prices of new cars, many customers are now turning towards pre-owned car options, as evidenced by recent figures.

According to recent data released by Cars24, a total of 19,039 cars were sold on the platform during this year's festive season. This figure shows a significant increase of 44 per cent compared to last year. During this festive season, not only were cars sold, but a major surge was also seen in financial transactions. According to Cars24, loans worth more than ₹300 crore were also approved during this period.

Further details in this report reveal that during this festive season, Cars24 sold an average of 630 pre-owned cars per day. If this figure is compared with sales on normal days, it shows an increase of about 15 per cent, clearly illustrating the market dynamics.

Geographically, the demand for used cars has remained strong in major cities like Delhi-NCR and Bengaluru, as before. However, the role of small towns is also rapidly increasing in this market. The report also noted that 40 per cent of the total buyers are from rural areas. This indicates that people from rural areas are also showing great interest in purchasing used cars and their participation is increasing.

Statistics regarding consumer behaviour are even more interesting. According to the Cars24 report, 72 per cent of the total customers who bought cars during this festive season were first-time car buyers. This figure shows that the pre-owned car market has been successful in attracting new customers.

Speaking of vehicle types, 65 per cent of the total cars sold were petrol engine vehicles. In terms of brands, Maruti Suzuki, Hyundai, and Tata cars saw the highest demand in the market. Regarding the market share of car body styles, the share of hatchback cars remained at 50 per cent, while the demand for SUV cars is also growing very rapidly.

A major reason behind this growing market is the rising prices of new cars. According to the report, customers have to spend at least ₹5 lakh to buy a new car. Instead, if a customer has the same budget, they can find better and higher-quality options in the used car market, which draws them towards pre-owned cars.

However, it is equally important to be cautious while buying a used car. The report advises that if you are planning to buy a used car, you should conduct a thorough inspection. To ensure the condition of the car, it is highly advisable to take an experienced mechanic along and inspect the car properly.