There has been a phenomenal boom in the used car business in India. Used car platform CARS24, sold vehicles worth Rs 1,800 crore (USD 242m) in the April-June 2023 quarter. The quarter saw demand for 30 used cars per hour, with hatchbacks dominating overall sales, while sedans rebounded in the second quarter, accounting for 19% of total sales.
Sales are projected to increase by 87 percent by 2022
The demand for used cars increased significantly across the country during the April-June quarter. Notably, CARS24 achieved a significant increase in sales during this period with an impressive jump of 87% compared to the same period in 2022. Demand for pre-owned vehicles increased significantly across the country during the April-June quarter. CARS24, in particular, achieved a significant increase in sales during the period, with an impressive jump of 87% compared to the same period in 2022, it said.
CARS24 did a business of Rs 1,800 crore
CARS24 on Wednesday said vehicles worth over Rs 1,800 crore were sold on its platform during the April-June quarter this year. The platform said that demand for pre-owned cars increased during the quarter, with more than 30 cars sold every hour during the period. During the June quarter of 2023, hatchback models dominated overall sales with a 62% share, while sedans made a stylish comeback. Also, non-metro cities challenge metros in car buying, with Pune and Ahmedabad witnessing growth in used car sales.
Changes in car buying patterns
The demand for used cars increased significantly across the country during the April-June quarter. CARS24, in particular, achieved a significant increase in sales during the period, with an impressive jump of 87% over the same period in 2022, the company said, noting that individuals contributed Rs 1,800 crore to CARS24. Cars sold, indicating a shift in Indian buyers’ tendency to rely on new-car purchases and sales. According to CARS24, the growing preference among consumers for affordability and value with easy financing options and extended warranties has established used cars as a viable option.
30 cars are sold every hour on CARS24
Also, the convenience of online marketplaces and digital platforms for buying and selling pre-owned vehicles has greatly improved the overall experience, said Gajendra Jangid, co-founder of CARS24. He added, “It is exciting to see such a significant jump in transactions in the used car market. In fact, this quarter alone, people sold 30 cars every 60 minutes on our platform. Several key factors have contributed to this rapid growth, including changing consumer preferences. , availability of expanded inventory levels, willingness to build more vehicles for the new generation.
The hatchback dominates
It is the result of these combined factors that have taken the second-hand car market across India to new heights, he added. With easy online car buying, financing and delivery options, the process has become more convenient than ever, said CARS24. Platform-wise, while hatchbacks continue to dominate, sedans are quietly plotting their revival in the market. It added that in the second quarter, there was a significant increase in sedan sales, which accounted for 19% of total sales on the platform.
The ‘most trusted brands’ are Hyundai, Honda and Maruti Suzuki
According to a report by used-car retailer platform Spinney, Hyundai Creta, Maruti Suzuki Baleno and Renault Kwid are the best-selling cars in the country. Other in-demand models include the Elite i20 and the Maruti Ciaz. The report also said that Bengaluru, Delhi-NCR and Hyderabad topped the highest demand for used cars. Also, the ‘most trusted brands’ in the used car market are Hyundai, Honda and Maruti Suzuki.
Best Selling Used Cars
If we talk about the best selling used cars in India, then the first one
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Maruti Suzuki WagonR
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Maruti Suzuki Swift
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Maruti Suzuki Dzire
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Hyundai Creta
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Maruti Suzuki Baleno
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Maruti Suzuki Vitara Brezza
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Toyota Fortuner
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Toyota Innova Crysta Honda City Ford
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