The used car market in India is a rapidly growing sector of the automotive industry. According to the Federation of Automobile Dealers Association (FADA), the used car market was around 2.7 million units in 2022, representing an increase of 11.3 percent from the previous year. The used car market in India is highly fragmented, with multiple players like Maruti True Value, Mahindra First Choice, Ford Assured and others.
The market is expected to grow further in the coming years, driven by the rising income levels, increasing access to financing, and higher demand for pre-owned vehicles. The used car market in India is relatively more organized compared to the new car segment, with organized players accounting for a larger share.
This has resulted in improved transparency and quality of vehicles, along with better pricing and financing options. The used car market in India is also benefiting from technological advancements, such as the emergence of online car portals for used cars. These portals offer a wide range of used cars with detailed information, helping customers to make an informed decision.
What’s pushing used car in the market?
Most people buy used cars in hermiston from a used car dealership, which typically inspects and services the cars it sells to ensure they are in good condition. You can also find used cars at online marketplaces such as eBay Motors, OLX, or through private party sales. Be sure to thoroughly inspect the vehicle before purchasing.
Change in consumer perception
There has been a dramatic change in consumer perception regarding buying used cars in recent years. This is largely due to the increasing availability of certified used cars with standardized warranties, attractive finance packages and attractive resale values. As a result, more consumers are now willing to buy used cars, which are resulting in increased sales of used cars. Furthermore, people are also becoming more aware of the advantages of buying pre-owned cars such as lower prices, fewer maintenance costs, and the ability to buy a better car than could be afforded if buying a new one.
This shift in consumer attitude and preference has further been accelerated by the emergence of online marketplaces for buying used cars, offering buyers the convenience of researching and buying from the comfort of their homes. View it here.