used car market in india: past, present and future

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Used Car Market in India: Past, Present and Future

Index:Brief HistoryPresent Condition Projected Future Important Statistical Data And Supporting Facts

Brief History

01Used Cars Market: A Quick FlashbackDuring mid 90s people were quite skeptical of buying used cars from car dealers because of their unorganized nature.

They mainly preferred to purchase used cars from their friends or acquaintances: above 58% of used cars were purchased within this model. Unorganized sector of local dealers accounted for a tad above 38% of total units purchased.

Introduction of Maruti True Value in 2001 brought what can be termed as a silent revolution in used cars market. The brand incorporated organized structure of selling pre-owned cars.

Present Condition

01Steady Present, Promising FutureThough quite popular, the pre-owned car market in India is still at an initial phase if compared to US and UK.

According to a survey the market in UK and US is much ahead than India. Statistically speaking it is 1:3 and 1:2 in US and UK respectively, as compared to India.

On a positive side, it also implies that the market still has many untapped opportunities.

The apparent shift in the lifestyle of middle income group and increase in pay scale has resulted in exceptional and steady growth and ensures a promising future.

02Brand Wars: Whos on the TopBeing the pioneer of organized pre-owned car market and consistently delivering quality, performance and customer satisfaction, Maruti has retained its numero uno position in used car market.

Other brands in the market are Tata, Hyundai and Honda. However, they are still way behind Maruti.

Projected Future&Important Statistical Data And Supporting Facts

01Another revolution in the market was brought about by online marketplaces selling pre-owned cars.

Apart from eliminating tedious legwork, they also made it easy for the clients to sort the cars according to different features like budget, model, manufacturing year, brand etc.

Instead of going from one dealer to the other, clients can now easily select from a large category of cars using a few clicks of mouse.

Along with competitive prices, another benefit of such online marketplaces is that they give the client a sufficient time to do homework before finally meeting/contacting the seller.Digital Market Revolution

02Used Cars: Best for Indian FamiliesIndian families are characterized by their big size. So they need a big car (6-Seater or larger).

However, the working population prefer 2 small cars (4-seater) instead of a big car so that one car can be used for commuting to the workplace while the other car can be used by other members of the family. With a wide variety of considerably economical choices across different categories people prefer to buy the used car that are available at a fraction of the new ones.

03Used Cars: Best for Indian FamiliesIndian families are characterized by their big size. So they need a big car (6-Seater or larger).

However, the working population prefer 2 small cars (4-seater) instead of a big car so that one car can be used for commuting to the workplace while the other car can be used by other members of the family. With a wide variety of considerably economical choices across different categories people prefer to buy the used car that are available at a fraction of the new ones.

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