There has been a tremendous boom in the used car business in India. used car platform CARS24, sold vehicles worth over Rs 1800 crore (USD 242m) in the April-June quarter of 2023. The quarter saw 30 used cars in demand every hour, with hatchbacks dominating overall sales, while sedans returned with a resurgence in the second quarter, accounting for 19% of total sales.
87 percent increase in sales compared to 2022
The April-June quarter saw a significant increase in the demand for used vehicles across the country. Notably, CARS24 achieved a substantial growth in sales during the period, with an impressive jump of 87% compared to the same period in 2022. The April-June quarter saw a significant increase in demand for pre-owned vehicles across the country. CARS24, in particular, achieved a substantial growth in sales during this period, with an impressive jump of 87% compared to the same period in 2022, it said.
CARS24 did a business of 1,800 crores
CARS24 on Wednesday said vehicles worth over Rs 1,800 crore were sold on its platform in the April-June quarter of this year. The platform said that the quarter also saw an increase in demand for pre-owned cars and more than 30 vehicles were sold every hour during this period. During the June quarter of 2023, hatchback models dominated overall sales with a 62% share, while sedans made a stylish comeback. Also, non-metro cities challenge metros in car buying, with Pune and Ahmedabad witnessing growth in used car sales.
Changes in the trend of buying a car
The April-June quarter saw a significant increase in the demand for used vehicles across the country. CARS24, in particular, achieved a substantial growth in sales during this period, with an impressive jump of 87% compared to the same period in 2022. It is also significant that individuals sold cars worth Rs 1,800 crore to CARS24, indicating a change in the trend of Indian buyers relying on new car-buying and sales, the company said. According to CARS24, the increasing preference for affordability and value among customers along with the availability of easy finance options and extended warranties has established used cars as a viable option.
30 cars sold every hour on CARS24
In addition, the convenience of online marketplaces and digital platforms to buy and sell pre-owned vehicles has greatly improved the overall experience, informed CARS24 co-founder Gajendra Jangid. He added, “It is exciting to see such a remarkable jump in transactions in the used car market. In fact, during this quarter alone, people sold 30 cars every 60 minutes on our platform. Several key factors have contributed to this rapid growth, including changing consumer preferences, availability of expanded inventory levels, willingness to upgrade to new generation vehicles, and more.
hatchback dominance
It is the result of these combined factors that has taken the second-hand car market across India to new heights, he added. With the ease, financing and delivery options of buying a car online, the process has become more convenient than ever, said CARS24. Platform wise, while hatchbacks continue to dominate, sedans are quietly plotting their revival in the market. It added that in the second quarter, there was a significant increase in sedan sales, which accounted for 19% of total sales on the platform.
‘Most trusted brands’ Hyundai, Honda and Maruti Suzuki
According to a report by used-car retailing platform Spinney, Hyundai Creta, Maruti Suzuki Baleno and Renault Kwid are the best selling cars in the country. Other in-demand models include the Elite i20 and the Maruti Ciaz. The report further states that Bengaluru, Delhi-NCR and Hyderabad are on top with maximum demand for used cars. Apart from this, the ‘most trusted brands’ in the used car market are Hyundai, Honda and Maruti Suzuki.
Best Selling Used Cars
If we talk about the best selling used cars in India, then first of all
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Maruti Suzuki WagonR
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Maruti Suzuki Swift
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Maruti Suzuki Dzire
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Hyundai Creta
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Maruti Suzuki Baleno
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Maruti Suzuki Vitara Brezza
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Toyota Fortuner
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Toyota Innova Crysta Honda City Ford
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Endeavor