Just like new: Demand for pre-owned cars matches first-hand auto sales | Auto & Travel News,The Indian Express
Companies say that the growing preference for personal mobility has gained traction post Covid
Maruti Suzuki, India’s largest carmaker, and Hyundai, country’s second largest, are seeing more-than-expected demand for pre-owned cars and most of it is coming from first-time young buyers, who prefer sport utility vehicles (SUVs) over others. This trend is not just limited to pre-owned car sales but also in new cars, where a quarter of sales come from youngsters under the age of 30 – about 5 percentage points increase over the past about three years.
Maruti Suzuki, Hyundai Motors and Tata Motors, which cumulatively constitute about 70 per cent of the total PV sales in the country, are all seeing a healthy response from buyers below the age of 30. For Maruti and Hyundai, youngsters’ contribution to the overall sales is about 23 per cent each – lower than the industry’s average — while for Tata Motors, nearly 30 per cent of sales come from people under 30 years of age.
Companies say that the growing preference for personal mobility has gained traction post Covid. “Post pandemic and with the growing preference of personal mobility, we have witnessed a 33 per cent growth YoY as far as True Value (brand name for Maruti’s pre-owned car stores) is concerned. Nearly 50 per cent of our pre-owned car buyers fall in the 18-35 years age bracket, followed by nearly 45 per cent of the POC buyers falling in the age group of 36-60 years and the rest ageing 65+ years,” Shashank Srivastava, Senior Executive Officer, Marketing & Sales, MSIL, was quoted in an email response.
Also Read |Car sales high for 6 months in a row. Will this demand sustain? “About 67 per cent of our POC buyers were first time buyers while the rest of the buyers bought POC as an additional vehicle or replaced their existing vehicle,” the response read.
Hyundai says they have reported a 21 per cent increase in car sales across their stores during the January-November this year as compared to last year.
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