Used Car in India

Auto Industry have faced more than 2 years of slowdown period, now under the regime of new government people expect our economy to come on the track and hope that it will give positive signals to auto industry too. Auto players are planning more and more launches including facelifts and upgraded models that might help them to get a bit more portion of industry market share.

In a mean time, used car industry is performing at its best, even in the recent years of sluggish car demand used car industry has shown positive growth rate. Let me explain you the reason behind such move. Since the introduction of first car in India, The people of middle class and upper middle class has been choosing this option to own new car, and there were many reasons for the same.

• The car was not so essential to everyone
• People who have resource, were using it as a mean of luxury
• Belief and culture was playing a little role in not using used car
• Fear of early repairs and more expenses and so on…

Though, considering recent decade, we show some of the cars that remained bestselling used cars in India and that include Hyundai Santro, Hyundai i10, Maruti Swift, Maruti Alto, Chevrolet Spark, Tata Indica, Honda City. Below chart shows used car industry numbers so far and it’s increasing importance in upcoming time.

The year 2010 report shows that the Indian used car industry possesses a significant potential, with overall market expected to grow at a CAGR of around 22% during 2011-2014 to reach 3.9 Million Units by 2014-end. And CRISIL report has expected that used car market will reach to 8 million units by 2016-17 and in value term around Rs. 1.5 trillion.

The report also mention the reason such as increasing number of organized players, availability of loan, immediately changing preferences. The United State being a biggest used car market in the world, used car sales was around 40 million used car in 2012 while China’s number was around 4.8 million cars.

In India market, the tremendous change is under process, increasing influence of organized and giant players as well as online portals. They are successful in attracting eyes of people in the urban areas.Organized dealers such as Mahindra First Choice, Tata Motors Assured, Maruti True Value, Hyundai Advantage, Chevrolet – OK, and BMW Premium are strengthening their presence. The change in a scenario is shown in the below chart :

There are many online portals such as CarWorld1, Carwale, Cardekho, Cartrade and Olx. Now these players are also playing a vital role in developing used car market for buyers who have internet accessibility.

About Carworld1.com :

Carworld1.com is among the fastest growing online portal, which provides extensive service to the potential car buyer. We have many number of business partners which enable us to provide speedy and best service to our customer.