The country’s pre-owned car market is on a rise and by 2020 it is expected to hit the 7 million mark. Some 15 years back, when the used car sector was totally unorganised, buying a used car was more of a risky business. With Maruti taking the lead in establishing the organised sector with its Maruti True Value in 2001, today the sector has come a long way.
The Indian consumer has also understood the positive value equation of pre-owned cars, and buying a second-hand car is no longer considered a taboo. Here’s how this sector has helped people.
- 1. First-Time Car Buyers: Those who migrate from a two-wheeler to a four-wheeler in the low-income bracket often find the prices of pre-owned cars very economical. The growing market also offers a wide variety of technologically advanced vehicles at a lower price point making it easy for them to switch from 2- to 4-wheeler without causing a dent on the pocket.
- 2. Need a Second Car at Home: Often families find a need for a second car, but don’t want to spend too much on it. Here, the used car provides a viable option where they can buy the second one without shelling out too much. So, if you want to have i20 as the second car, then the used Hyundai i20 India price is almost half that of the brand new one.
- The Desire to Upgrade to a Bigger Car: Men are often obsessed with bigger and expensive models. Those who have means can definitely go for brand new models offered at exorbitant prices, but what about those who can’t afford that. For them, the used car market provides the perfect opportunity to satisfy their desire without going over budget.
There has been a major paradigm shift in the recent past from buying new cars to used cars. It can be attributed more to the growth in the organised sector.