Growing Trend of Used Cars in India

The used car market in India is growing exponentially with a big bang. It is gradually taking a flight to reach the horizon where the new car market rejoices its success. There are many factors that pushed the growth of the market and shifted it from an unorganized sector to a completely organized one.

Yes! It is believed that until recently, the used car market was characterized by lack of transparency and choice. This was because the market was disorganized and was hugely dominated by small-time dealers, roadside mechanics, and private car owners. The disorganized market gave limited choice of cars to used car buyers who were not even sure of the technical condition and legality of the previous car owner. It was a pure gamble for such buyers. But now things have changed, market has taken a sudden shift towards an organized sector.

The popping up of the pre-owned car market in the country is attributed by various factors. The reasons are high interest rate of car loan, lucrative exchange offers, and the changing car trend that youngsters follow. These days it is easy to get a car loan but the interest rate float between 8% and 12%. When the total car price is calculated with added interest, the sum price of the car shoots beyond the expected price of a buyer. The enthusiastic youngsters have adapted a new trend of changing their cars every two to three years. They prefer something new and so after driving a particular car for a couple of years they take in some good exchange offer and buy some newly launched car. Almost all the car manufacturers in the country offer exciting car exchange offers.

The pioneer car manufacturers who tapped their feet into the used car market are Maruti Suzuki and Mahindra & Mahindra. Today, the pre-owned car program of Maruti’s True Value Program and Mahindra’s First Choice are most successful and popular gateways to a variety of used cars.

Following Maruti, other big players like Honda, Hyundai, and Ford also stepped into the market. Honda Auto Terrace, Hyundai Advantage, and Ford Assured also contributed to the growing success of the used car market. Furthermore others players like Tata Motors, General Motors, and even Mercedes Benz have entered the used car market.

All these big names in the car market have caused used car sales to soar by launching their unique pre-owned certified car programs. According to this program potential used car buyers can exchange their older cars for new ones at substantial discount. They even have a choice to select from a huge fleet of cars. All the used cars are well checked and refurbished by skilled engineers to deliver higher satisfaction to buyers. These are then sold out with certification and warranties.

Today, the used car market in India has become partly organized and is expected to soar in next couple of years. The market will grow at a tremendous pace with more and more car manufacturers paving their way into the used car market.

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