Sometime before used cars were not considered to be a good choice for anyone as there wasn’t any assurance about their sales and how the car will be running after some time of use, but now as many companies have emerged which provide you with not only proper paperwork but also provide assurity for the wellness of your car for some years. And as the pandemic situation has been a real bummer for many both health-wise and budget-wise, which has led to more buyers going for the second-hand version of the car they want to buy that has not only satisfied their needs but also have to save them a lot.
A recent study conducted by Frost & Sullivan and Volkswagen India shows that the sales of used cars stand 1.5 times that of new cars and will be increasing exponentially in the recent coming years. If looking at the data, the sales of used cars stood at 4.4 million compared to that of 2.8 million units sold in FY2020 and potentially by FY2025 this number will become 8.2 million units of used cars compared to 4 million new cars.
The reason why the pre-owned car market is thriving is due to the affordability of the car, which allows the buyers to go for a better car at the same price in which you will be owning a rather cheaper car, and this goes alongside the assurance that the car you are buying is gone through many safety and other tests to make the buyer fully satisfied. However, this trend is most applicable to modern and metro cities.
Talking about the current financial year 2021, even after the pandemic scenario where all the markets including used and new cars were badly affected the pre-owned car market still made 3.8 million units sale compared to that of 2.6 million units sale of the new cars.
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