Millennials are leading the charge when it comes to buying pre-owned vehicles in the country, according to a research report by online used car marketplace Cars24. The company has collaborated with leading research firm Ipsos to develop information that focuses on the used car buyer trends and top category drivers. The study highlights the most-compelling consumer trends and statistics concerning the Indian used car industry.
Young buyers, who account for 80 per cent of buyers’ base, are helping feed the growing field of the app and web-based channels, the report stated.
The rise in new-vehicle prices and lifestyle changes due to the pandemic and emergence of online players are the major factors contributing to this shift, it added.
While most buyers are young males, there has been an uptake in the number of women used car buyers, the report said.
From an industry average of 10 per cent last year, the number has increased by 50 per cent; and is likely to amplify shortly further, it added.
The report also highlights that among used car buyers, the most-preferred body type is hatchbacks (43 per cent willing to buy), followed by SUVs (26 per cent ready to buy). Additionally, the demand for petrol engines is also high among buyers, as per the research report findings.
Besides, the car’s condition remains the most critical factor for used car buyers.
“Through this report, we have identified some interesting trends, and to those, we will continue to build a gold standard for quality used cars in India and deliver best in class customer experience,” Kunal Mundra, CEO, Cars India, Cars24 noted.
Recently, Cars24 announced the launch of seven company-owned refurbishment centres this year in India.
The centres will be across Delhi-NCR, Mumbai, Bangalore, Ahmedabad, Chennai, Hyderabad, and Pune.
Currently, Cars24 is the market leader in the online used car segment with over 90 per cent market share and has clocked over four lakh transactions to date.