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The sale of second hand cars in India is expected to grow 8-10%. The ratio of old and new cars has reached 1.4. The market share of Cardekho, Cars24, Cartrade, Spinny, Mahindra First Choice is increasing.
According to the latest CRISIL ratings report, this financial year is expected to grow 8–10% in the segment of old cars, which is doubled from the sales rate of new cars. Talking about volume, the sale of old cars in India is likely to cross 6 million units in this financial year, which is good news for Price Sensitive Buyers.
The ratio of sales of old cars has reached 1.4, which was less than 1 five years ago, which gives a sign of major changes in the consumer behavior. This tendency reflects the increasing confidence among buyers and rapidly upgrades the cycle, with the average age of old cars to be around 3.7 years.
India lag behind in comparison to abroad
Despite so much progress in the used car market, India is still behind developed markets like America (2.5), UK (4.0), and Germany (2.6) in terms of old-carrier, however, however, India's used car market is likely to have much development. The market share is growing rapidly of the used car provider brands, including cardekho, cars24, cartrade, spinny, and mahindra first choice, rapidly growing.