The Indian automobile industry is blooming with the users showing a significant interest in modern, feature-rich vehicles along with a paradigm shift towards the adoption of SUVs. Even in the used-car market, the segment has been growing consistently. As per Cars24’s quarterly report, the Q4 FY2024 ended on March 31 2024, witnessed a similar pattern.
The pre-owned car market witnessed a surge in seller participation, resulting in a collective transaction value of Rs 1,385 crore in the first quarter of fiscal 2024. Led by SUV enthusiasts and millennials residing across the nation, the quarter witnessed a surge in the appreciation for pre-owned vehicles. Notably, non-metro markets witnessed a notable increase in SUV sales. With cities such as Ahmedabad, Kochi, Jaipur and Lucknow spearheading the trend, the company reported a substantial 30 percent surge in the sales of pre-owned cars across Tier-2 and Tier-3 cities.
SUVs dominate non-metro roads
Second hand SUVs witnessed a staggering 40 percent growth in sales this quarter in the non-metro cities. Models like the Ford Ecosport and Hyundai Creta led the demand for the segment.
While Maruti Suzuki continues to captivate hearts with models like the Swift and Baleno in the hatchback category, models such as the Brezza also witnessed unprecedented popularity among buyers.
The pre-owned car market witnessed a surge in seller participation, resulting in a collective transaction value of Rs 1,385 crore in the first quarter of fiscal 2024. Led by SUV enthusiasts and millennials residing across the nation, the quarter witnessed a surge in the appreciation for pre-owned vehicles. Notably, non-metro markets witnessed a notable increase in SUV sales. With cities such as Ahmedabad, Kochi, Jaipur and Lucknow spearheading the trend, the company reported a substantial 30 percent surge in the sales of pre-owned cars across Tier-2 and Tier-3 cities.
SUVs dominate non-metro roads
Second hand SUVs witnessed a staggering 40 percent growth in sales this quarter in the non-metro cities. Models like the Ford Ecosport and Hyundai Creta led the demand for the segment.
While Maruti Suzuki continues to captivate hearts with models like the Swift and Baleno in the hatchback category, models such as the Brezza also witnessed unprecedented popularity among buyers.
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Automatic cars in demand
The quarter also witnessed a notable 30 percent increase in automatic car sales, underscoring a shift towards vehicles that prioritize convenience and luxury. With features like sunroofs and advanced infotainment systems becoming standard, consumers are seeking a seamless driving experience infused with cutting-edge technology.
Further, the report also highlighted that the buyers are increasingly prioritizing long-term considerations such as mileage and maintenance costs, reflecting a mature approach towards car ownership. Questions regarding a car’s history, maintenance expenses, and purchase process speed are becoming important in decision-making.
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