Reasons that have augmented used car market in India
India signifies one of the world’s leading car markets in automobile sector. Easy availability of investment and increasing income levels are boosting the middle class population to upgrade two wheelers to a car. Moreover, the used car market in India is anticipated to nurture by a CAGR of 20% in the next five years, with the organized sector playing a crucial role in this growth story. At present there are approximately 700 authorized used car outlets in India. In order to enhance with the estimated growth, there is a demand of 3600-4000 channels. There will be identical tax laws across all states making selling and registration of used cars a simpler a cost-effective process.
Here are the reasons that have augmented used car market in India:
Nerve-racking public transportation – The public transportation in cities like Mumbai is disintegrating under the pressure of increasing population. People here have to go through lots of suffering travelling through local trains or public transport during working hours. Secondly, the rising misfortune in railways is pushing people more towards viable modes of transportation like cars. Hence, buying a new car is quite costlier thus people opt for used car in Mumbai.
Rising Income Level – The next significant reason that has contributed positively to pre-owned car market not only in urban areas but across India is the rising income levels of youth. The growth of information technology, e-commerce and logistic industry has only complimented this development further.
Certified used cars – Purchasing used cars in India is more prudent and astute investment towards comfortable living. Now people don’t have to bother about the fraud, scam or cheat. Credit goes to the rise of online web portals that have made buying and selling resale cars procedure tremendously easy and convenient. These portals offers comprehensive ranges of services such as standard quality check, durability, ownership transfer, insurance, loan etc.
Economical – The fourth key factor that has played a crucial role in development of resale car sector is its economical parameter. The pre-owned cars are affordable by few lakhs when compared to brand new cars People can buy good used innova Mumbai for the cost of seden used car. This not only signifies your status symbol but also doubles up the gratification level. The lesser cost means lesser down payment and low equated monthly installments.
Easy availability- The next important reason that has been augmented the sale of used cars in cities like Mumbai, Bangalore, Chennai, Delhi, etc. is its easy availability. People no longer have to go search door to door for used cars. They can simply browse the internet and can get end number of information and acquire the car of their choice. These online portals facilitate the shoppers to:
- Shortlist several cars
- Provide test drive option
- Simplifies the entire transaction in such a manner that everything goes off in smooth and transparent way.
- Have tie ups with numerous banks and finance entities for easy car loan options
- Assist in paper transfer
- Offer authorized pre-owned cars