Maruti Swift was buyers’ best bet in used-car segment during Jan-March
Team L&M
The Drive Time Quarterly Report by CARS24, an Auto-Tech company for pre-owned vehicles, has shown a significant shift among Indian consumers for purchasing and selling pre-owned cars. The first quarter of the calendar year 2023, saw a growth in demand for used cars across the country. CARS24 recorded a massive 100 per cent jump in sales in the Jan-March quarter this year (Q1-2023) as compared to Jan-March quarter last year (Q1-2022).
Used cars are a viable alternative as an increasing number of customers look for affordability and value when purchasing a car. The availability of financing options and extended warranties on offer along with the growing popularity of online marketplaces and digital platforms for buying and selling used cars has contributed to this trend. According to the CARS24 report, on an average Indians spend just three hours researching cars online.
Commenting on the recent trend, Gajendra Jangid, Co-Founder of CARS24, said, “With the resumption of work from the office and the importance of personal mobility, the second-hand car market is experiencing remarkable growth across India.”
Highlighting key trends and parameters of buying a car, the report defines the country’s car-purchasing behavior in the coming quarters of 2023.
In Q1 2023, Maruti Suzuki continued to dominate the used car market, maintaining its pole position as the top searched brand on the platform and leading the pack in terms of the most cars sold followed by the Hyundai Grandi10. The platform reported that Maruti Swift hatchbacks, which include the Swift and Baleno, were the most popular Maruti cars sold in Q1 2023. Out of the total cars bought on CARS24 in Q1, a whopping 40 per cent were Maruti, with a majority of buyers coming from Lucknow, Patna, Kochi, Surat, and Chandigarh. Maruti’s performance was closely followed by Hyundai, Honda, and Renault.
Some Fun Facts
♥ White cars remain the top choice among Indians when purchasing a pre-owned car – 42 per cent of cars sold in 2022 were white.
♥ The cheapest car that was bought in India was the Maruti Suzuki 800 in Bangalore for Rs 1,25000 and the Maruti Suzuki Alto in Delhi for Rs 1,32000.
♥ People also searched for EVs, and CNG cars. Uttar Pradesh and Delhi are the two leading states in India in terms of registered electric vehicles
