The cost of buying and owning a new car has been rising steadily in the country. Growing inflation, higher input costs, and stricter emission norms can be held responsible for this rise in new car prices.
Global supply chain disruption of vital components like semiconductors & the pandemic are also major reasons causing price hikes. Numerous carmakers have announced price hikes across their product portfolio holding rising input costs and government regulatory requirements accountable.
Hence, for a first-time buyer to own a new car has become even tougher. And this is why every year, more and more first-time buyers are turning towards pre-owned options as their first car. Used-car retailing platform Spinny has reported a sizable growth in demand for used cars, especially from metropolitan cities.
Spinny’s Year-End Report Findings
Buyers – As per the report, Spinny saw a 60% increase in first-time car buyers in India this year. As opposed to last year’s 57%, it was 3% higher. At 32%, an increase of 4% in female buyers was recorded as compared to last year.
Buyer Behaviour – A massive 85% buyers opted for having their purchase driven home to them while 48% customers preferred buying completely online. Bengaluru, Delhi-NCR & Hyderabad were the top three cities which showed maximum demand for Spinny’s used cars this year.
Vehicle Preferences – Maruti, Hyundai, Honda & Tata continue to be the most-liked brands while Hyundai’s Grand i10 & Elite i20, Renault’s Kwid, and the Ford Ecosport are topped the charts of being the top-most selling pre-owned cars.
Monotonous colours like White, Silver and Grey remain to be the choice of buyers thanks to their neutral nature. Interestingly, buyers from Chennai and Bangalore also showed demand for red coloured cars.
Despite SUVs dominating in the new-car market, Spinny buyers preferred hatchbacks and sedans over them.
Official Statement
Commenting on the rise in demand for used cars on its platform, Niraj Singh, Founder & CEO, Spinny, said:“At Spinny, providing a unique and seamless car-buying experience has always been at the core of our commitment. The market for used cars is growing at a steady rate. And, this market shift in customer behaviour can be sizably attributed to the trust customers have in Spinny’s offerings and services.”
He further adds, “We understand that a car is a special purchase for a home and our endeavour is to make it extra special for each of our customers. We will always keep going the extra mile to ensure that.”