The sales of used cars are booming..!?

The automobile sector is one of the most developed markets in India. Everyone has recognized the need to own a home and own a vehicle due to the impact of Corona. Despite some difficulties during the Corona period. Since then, the domestic automobile sector has been showing aggression. It is known that the number of people buying used vehicles is increasing more and more. In relation to the sales of used cars, their future market, and other issues related to this sector, many interesting points have been mentioned in the report recently released by Cars24.
In 2023, 46 lakh units were sold domestically. It is said that this number will cross 1 crore units per year by 2030. According to the report released by this company, it has been estimated that 1.08 crore used vehicles are likely to be sold per year by 2030. The demand for used cars is increasing in cities and towns.
Compared to the new car market the used car market is increasing. SUVs dominated the used car market with a share of 16.7 percent in 2024. The design, capacity premium attractions of SUVs are attracting everyone. The report states that there has been a significant change in consumer preferences after Covid. maruti Suzuki Swift has emerged as the most demanded model in metro and non-metro cities. At the same time, models like hyundai santro, Tata Tiago NRG, and maruti Suzuki Wagon-R continue to maintain exceptional resale values. The report reveals that budget-conscious buyers are giving preference to these. The share of vehicle financing, which was 60 percent in 2010, is expected to reach 84 percent by 2024, the report reveals. The latest report is seen as evidence that consumers are relying on loans for new vehicles.
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Sowmiya Sriram

28/01/2025 04:54 PM