Affordability, access to seamless finance aiding sale of used cars: CARS24

Affordability and easy access to finance is helping sales of used car grow across the country, according to a report by the leading e-commerce platform for pre-owned vehicles CARS24.

First edition of the 'Future of Mobility 2022' report expects the segment to grow further all across the country.

The report sheds light on the progressive gender shifts, rise of upcoming metro markets, growing preference towards pre-owned vehicles and a cumulative upswing in pre-owned car buyers opting for financing.

The report noted that 76 per cent millenial buyers availed financing for buying pre-owned cars with an average loan size of Rs 3.5 lakh.

Interestingly, with easy options like zero per cent down payment on car financing, loan disbursements in 2022 is expected to increase three-fold, it added.

The study also found that Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, and Ahmedabad were the biggest markets for pre-owned cars.

While the majority of buyers were young males, there has been an uptake in the number of women used-car buyers, clocking an impressive growth of 80 per cent, the report said.

The accelerated growth of the Indian pre-owned car ecosystem has witnessed a record e-commerce adoption, leading to an unprecedented impact on the consumer.

Today, the Indian pre-owned car buyer is not restricted by gender, limited by finances or confined to the metros," CARS24 CEO Kunal Mundra noted.

More importantly, this growing accessibility has opened doors for many Indians to fulfil the dream of owning a car, he added.

The report found that affordability is driving demand for pre-owned SUVs.