The automobile industry experiences a surge in personal mobility which is led by the pandemic in the last 2years.The demand for used cars has increased by 7 to 10% in the recent years outdoing the sales of new cars. The car owners are shying away from upgrading or changing their vehicles due to job loss and inflation that has shrunk their income. This has led to low supply of used cars resulting in their price rise.
Pre-covid times saw nearly 28% of the population keen to replace their old four wheels which has now dropped to 18% in 2020-21.This replacement buying is slowly picking up and has touched about 19%in 2022.The existing online platforms are able to deal with the growing demand of the used vehicles with the steady supply by end to end dealing. Here the customer sell their existing car and upgrade to a higher value vehicle.
First time buyers show a 40% consumer base that clearly indicates the millenial opting for pre-owned cars for their easy affordability and finance options. Rise of metro markets, low interest rates, zero percent down payment on car finance has given a boost to the pre-owned car buying industry. Bank’s disbursement on used cars is expected to be three folds in the current year.
The accelerated growth of this industry has seen a record e-commerce adoption by the consumer, setting an unprecedented impact. The buyers are not restricted by gender, finance or metros. Easy accessibility has made it possible for a large segment of population to fulfill their desire of owning a four wheel.
Luxury cars that were a distant dream a few years back are now a thing of reality. The used car industry gives an opportunity to dream big and their easy accessibility has made it possible for many to make their dreams come true.
“United Cars” pioneer in the luxury segment have carved a niche for themselves in the last 20years.The cars owned by them go through the rigorous process of all technical checks before they are offered to the customers. Their team of professionals are well versed with the nuances of the four wheels and are equipped to deal with all the queries of the customers, patiently. Limited paperwork and hassle free deliveries are their priority. They are known to satisfy their customer and come forward for any post sale services, incase they arise.