Combining insightful data with entertaining facts, Future of Mobility 2022 Report details the trends shaping the Indian pre-owned car industry:
Women buyers grew by an impressive 80%, male buyers grew by 67%
Non-metros are outstripping metros in terms of demand for pre-owned cars
Passion for pre-owned cars spans across generations- Gen X and Gen Z showcased similar affinity to buying pre-owned cars
The fastest-growing generational cohort was millennials at 60% of which 76% availed the financing option
With 0% down payment on car financing, a 3X increase in the total amount of loan disbursements in 2022 is expected
Demand for pre-owned cars doubled across hatchback, sedan and luxury segments
Affordability driving demand for pre-owned SUVs; registered the strongest growth
National, CARS24 India’s leading e-commerce platform for pre-owned vehicles, today released its Future of Mobility 2022 Report. The comprehensive report is a culmination of interesting insights presenting a macro view of the pan-India used car buyer base, their purchasing behaviors and the evolving trends.
The first edition of CARS24’s report reveals and sheds light on the progressive gender shifts, rise of upcoming metro markets, growing preference towards pre-owned vehicles and a cumulative upswing in pre-owned car buyers opting for financing.
Speaking about the report, Kunal Mundra, CEO India, CARS24 said, “The accelerated growth of the Indian pre-owned car ecosystem has witnessed a record e-commerce adoption leading to an unprecedented impact on the consumer. Today, the Indian pre-owned car buyer isn’t restricted by gender, limited by finances or confined to the metros. More importantly, this growing accessibility has opened doors for many Indians to fulfill the dream of owning a car.
CARS24, with its tremendous scale and reach across the country, is well-positioned to better understand the evolving pre-owned car buyer, and this first edition of Future of Mobility Report just does that. With a comprehensive look at how the pre-owned car buying space is evolving and the fascinating consumption insights behind it, we’re sure the Future of Mobility report will make for a very interesting read.”
The highlights from the report also indicate sale of used cars to soar further in the country as used car buyers now have access to seamless financing. 76% millennials availed financing for buying their pre-owned cars with the average loan size of INR3.5 lacs. Interestingly, with easy options like 0% down payment on car financing, the loan disbursements in 2022 is expected to increase three-fold.
Another interesting finding remains ‘condition of the car’ as the most important factor for used car buyers. Today, quality cars along with trust, website reliability and honest and transparent purchase process are the top significant elements considered by potential used car buyers while making the final purchasing decision.
The report is an outcome of an in-depth study for used car buyers in the year 2020-21 that highlights multiple intriguing key points. The study also shows Delhi NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, and Ahmedabad were the biggest shopaholics for pre-owned cars. While the majority of buyers are young males, there has been an uptake in the number of women used car buyers clocking an impressive growth of 80%.
About CARS24:
Founded in 2015, CARS24 is the leading global e-commerce platform for pre-owned vehicles with a robust presence in India, the Middle East, Australia, and Southeast Asia. With a consumer-first approach, CARS24’s mission is to transform the used car industry by taking the entire journey of searching, buying, selling, and financing online. Leveraging the latest technology advances, CARS24 has set up multiple state-of-the-art Mega Refurbishment Labs; creating new industry benchmarks for high-quality used cars.
For regular updates on CARS24, follow us on: https://www.linkedin.com/company/cars24
This article was shared with Prittle Prattle News as a Press Release
