wondered why sale of new cars has been sliding in the recent past in India? Could
it be because of the increased preference among millennials and Gen Z for used
cars? Young buyers, who account for 80% of buyers’ base, are helping feed the
growing field of app- and web- based channels.
The rise in new-vehicle prices
and lifestyle changes due to the pandemic as well as emergence of online
players are the major factors contributing to this shift.
findings are part of a research report released by Cars24, a leading e-commerce
platform for pre-owned vehicles. The research was conducted in partnership with
leading research firm IPSOS, on used car buyer trends and top category drivers.
The study highlights the most compelling consumer trends and statistics with
respect to the Indian used car industry.
an unprecedented year that saw record e-commerce adoption across the board,
online car buying has proved to be one of the hottest trends of the year. The
frequency of an individual upgrading his/her car through a complete end-to-end
online platform has substantially increased- nearly 40% of the respondents said
they will prefer to buy their next car online.
the majority of buyers are young males, there has been an uptake in the number
of women used car buyers. From an industry average of 10% last year, the number
has increased by 50%; and is likely to further amplify in the near future.
report also highlights that among used car buyers, the most preferred body type
is hatchbacks (43% willing to buy) followed by SUVs (26% willing to buy).
Additionally, the demand for petrol engines is also high among buyers.
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
Mundra, CEO, Cars India, Cars24 said, “Cars24 has always been at the forefront
of delivering meaningful customer centric innovations. With each passing year,
we took on the mantle to break all shackles associated with the used car
category and make the consumer experience seamless. Through this report, we
have identified some interesting trends and to those, we will continue to build
a gold standard for quality used cars in India and deliver best in class
customer experience. Our dream is to continue to fulfill the dreams of many
Indians of owning a car by transforming the customer journey - 'the Cars24 way'.”
recently announced the launch of seven company-owned refurbishment centres
called Mega Refurbishment Labs (MRLs) this year in India. The MRLs in India
will be set up across 35 acres of land in top Indian metro cities of Delhi NCR,
Mumbai, Bangalore, Ahmedabad, Chennai, Hyderabad, and Pune. Around 20,000 cars
per month will be refurbished at these MRLs and upwards of 1500 auto experts
jobs will be created.
is the market leader in the online used car segment with over 90% market share,
and has clocked more than 13M monthly traffic and over 4 lakh transactions till
in 2015 by Vikram Chopra, Mehul Agrawal, Ruchit Agarwal and Gajendra Jangid, Cars24
offers an efficient, reliable, and hassle-free transacting experience to
customers to buy and sell pre-owned vehicles (cars and bikes) as well as
financing options. Cars24 operates in over 200 cities in India.