Here’s how Indians are redefining ‘Modern India’ through its pre-owned auto industry
As India prepares to celebrate 75 years of Independence, the Indian Pre-owned car industry has turned out to be ‘Today’s Promise and Tomorrow's Pride’ for the larger auto industry. To celebrate the 76th Independence Day in style, CARS24, India's leading e-commerce platform for pre-owned cars, presents its ‘Driving Change’ Report.
Insights from the report present a macro view of the pan-India used car buyer base, their purchasing behaviors and the evolving trends. The findings in the report represent India’s progressive growth.
Some key findings that have emerged for 2022 are:
- Car Crazed Millennials and Gen Z are looking at micro-investing, mutual funds and crypto as part of their future investment portfolio to be able to own a car. 60% millennials bought a used car registering a growth of 71% YoY, while GenZ grew by 57%
- Indian women are not only scripting history in sports, case in point CWG 2022, but also sparking off a freedom movement by buying more cars. Women buyers grew by an impressive 80% and are expected to outgrow men buyers in the near future
- There is a dawning awareness amongst Indians for the benefits of buying their next car online as opposed to the outdated, tedious and tiresome process. 40% potential buyers showed interest in transacting online for their next car purchase
- Road trips, vacations, commutes, back seats full of kids…Indian life happens on wheels. Like cars, car financing is also becoming an essential part of a modern and young Indian’s life. 76% millennials availed car financing to buy their next pre-owned car and the average loan size was INR 3.5lacs across age groups. Interestingly, 0% down payment also emerges as an attractive pull factor for many to opt for car financing
- Upcoming metro cities and towns are firing up e-commerce pre-owned car sales. Tier 2 & 3 cities have accounted for over half of the total used car sales in India with first time car buyers leading the demand for pre-owned cars in these markets
CARS24 Co-founder & CMO, Gajendra Jangid comments:
“The Indian pre-owned car industry is throwing off stereotypes and being recognised for fulfilling the dreams of millions of Indians of owning a car. As the market leader in the online used car space, we are proud to commemorate 75 years of Independence with our ‘Driving Change’ report. Through this report, we want to offer a glimpse of trends from the pre-owned car industry that continue to shape our nation and steer it towards a brighter future. It is an ode to India and her progressive growth story that instills a sense of pride amongst us. Jai Hind. “
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