Industry estimates indicate that India’s market for used luxury cars is expanding by around 20% annually, with sales volume averaging more than 60,000 units annually. The ecosystem’s full-stack players are helping to organise and make the market more transparent. In order to fill a gap in the market for luxury cars, Spinny introduced Spinny Max, a premium used car sector, last year. This was done in response to the aspirational consumerism of young people in India and their demand for luxury vehicles. Consumers are finding comfort in previously owned luxury cars, according to a close analysis of the trends for 2022. Spinny Max operates physical hubs in Delhi NCR, Bangalore, and Mumbai and offers pan-Indian delivery home services in 250 locations.
The size of the pocket has significantly increased, encouraging the younger generation to investigate the luxury car market. The rising aspirations of young consumers, frequent product introductions, more options and transparency for consumers, simpler access to financing, insurance, service, and warranty options, and improved awareness are all factors that contribute significantly to this expansion.
Spinny Max’s Year Study
According to Spinny Max’s year-end study for 2022. Consumers’ top three favourite brands are BMW, Audi, and Mercedes. The most popular car models among consumers were the Audi Q3, Mercedes-Benz C-Class, and BMW 3 series. According to current market trends. Spinny Max also seen an increase in demand for brands like JLR, Volvo, and others. Customers of Spinny Max’s prefer colours like white, grey, and black, specifically in that sequence. The most luxury car buyers were concentrated in cities like Gurugram, Delhi, Bangalore, and Mumbai.
Additionally, 70% of the approximately 5000 persons who test-drove Spinny automobiles did so as first-time luxury buyers, with a C-Sat score of 93%.
Beyond the main markets of Delhi NCR, Mumbai, and Bangalore. Spinny Max exported more than 50 cars across India to locations including Nanded (Maharashtra), Patna, Nasik, Shimla, and Kozhikode. Spinny MAX obtains the majority of its stock from individuals to guarantee the best possible quality of its goods.