Millennials make up majority of used car buyers in India, prefer hatchbacks the most: Report- Technology News, Firstpost

Millennials are leading the charge when it comes to buying pre-owned vehicles in the country, according to research report by online used car marketplace Cars24. The company has collaborated with leading research firm Ipsos to come out with the report which focuses on the used car buyer trends and top category drivers. The study highlights the most-compelling consumer trends and statistics with respect to the Indian used car industry.

Young buyers, who account for 80 percent of buyers’ base, are helping feed the growing field of app and web-based channels, the report stated.

The rise in new-vehicle prices and lifestyle changes due to the pandemic as well as emergence of online players are the major factors contributing to this shift, it added.

Demand for petrol engines is also high among buyers of pre-owned cars in India. Image: Volkswagen

Demand for petrol engines is also high among buyers of pre-owned cars in India. Image: Volkswagen

While the majority of buyers are young males, there has been an uptake in the number of women used car buyers, the report said.

From an industry average of 10 percent last year, the number has increased by 50 percent; and is likely to further amplify in the near future, it added.

The report also highlights that among used car buyers, the most-preferred body type is hatchbacks (43 percent willing to buy) followed by SUVs (26 percent willing to buy). Additionally, the demand for petrol engines is also high among buyers, as per the findings of the research report.

Besides, the condition of the car remains the most important factor for used car buyers.

“Through this report, we have identified some interesting trends and to those, we will continue to build a gold standard for quality used cars in India and deliver best in class customer experience,” Kunal Mundra, CEO, Cars India, Cars24 noted.

Recently, Cars24 announced the launch of seven company-owned refurbishment centres this year in India.

The centres will be set up across Delhi-NCR, Mumbai, Bangalore, Ahmedabad, Chennai, Hyderabad, and Pune.

Currently, Cars24 is the market leader in the online used car segment with over 90 percent market share, and has clocked over four lakh transactions till date.

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