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What has fueled the growth of the used car Industry?

The used car India market has shown tremendous growth in the last few years. According to statistics published on Statista, “The pre-owned car market had a size of over 4.4 million units across India in fiscal year 2020. This was more than the size of the new car market for the measured time frame. Also, the pre-owned car market grew continuously over the observed time frame. This segment was bifurcated among organized, semi-organized, unorganized, and customer-to-customer category.”

As stated by the Times of India that the second-hand car sales increased by 50% in December 2020 as compared to last year. As per the SIAM report, the projected CAGR is more than 10% for the used cars market for 2019-2024.

The growth of car sales in Indian used car market can be attributed to technological innovations which have paved the way for efficient solutions for both used car buyers/sellers. Today, almost all the pain points associated with the traditional method of buying a used car are being made negligible. Looking to buy a top-notch car in top condition? No worries! Go online and check out the available options along with which you can find respective certification reports. These certification reports offer buyers every bit of information they might require to make a decision.

Many online tools generate a fair Market Price taking in-vehicle information. Every vehicle goes through the 121-point Eco inspection performed by a trained industry professional. Hence, bringing in a fair, unbiased approach to decide on the price. The selling price is not fixed according to the expectations of anyone party. Rather a fair assessment is generated by a 21st-century Machine Learning tool. It is this transparency and fairness which turns out to be a catalyst in the decision-making process. A buyer is no longer relying on words of mouth rather has access to necessary certifications to make an informed decision.

Emergence of the second-hand car online has fueled the used car industry

Online automobile marketplace with their research and understanding of the Indian automobile market and consumers are bringing in robust solutions for the benefit of the consumers. So, be it evaluating the condition or performance of a car or bringing in plenty of top-notch options within budget and expectations, it is the consumers who get to enjoy seamless services when they opt to buy second-hand cars online.

  • Selling price

The selling price is generated with a fair estimation irrespective of the expectations of a buyer/seller. There is more than one factor that goes into the determination of a fair market price. These include depreciation value, condition of the vehicle components, and others. There are no guesswork or negotiation hassles, rather an unbiased process to assist involved parties to reach a mutual decision.

  • True condition of a used car

Online providers on behalf of the buyers perform the necessary evaluation to determine the true condition of a car. All of which is carried out by a trained professional. Only after a fair evaluation is the selling price decided. Vehicle history for example gives you proper insight into car servicing and maintenance or if the car was involved in an accident or not. With such an elaborated set of information, the buyers can make an informed decision.

  • Reliable sources

By taking in extensive vehicle information, online automobile marketplaces bring reliable sources in contact with potential buyers. You are sure to find plenty of reliable sources who are offering you top options. You can access the vehicle information and even find out the trust score which tells you about the credibility of the seller. With the tech innovations, now, it has become easier for the buyers to find pre-owned cars in any city as they can easily find and buy used car in Delhi, Gurgaon, Noida, Bangalore etc., without worrying about frauds and scams. It is due to the availability of reliable resources, that makes the process easy and trustworthy.

  • Documentation

When you buy a used car online, all the paperwork is either completed online or the company executives visit your registered address to complete the process. A buyer is no longer moving around the city to finalize the paperwork.

Bottom Line

Today, consumers expect seamless systems which not only help them to find top solutions but do so in a minimum amount of time. All these expectations and more are resolved with tech integration visible across online automobile marketplaces that helps both the buyers/sellers to buy/sell a used vehicle conveniently.

The times have changed and so has the used car market in India. With the emergence of the online automobile marketplace, today, one can find plenty of top-notch options in the used car for sale category.

Gone are the days when you were running around the city traveling for hours and searching for a reliable source for months. All the inhibitions and guesswork are made negligible when you go online. Tech innovation and sophisticated solutions will smoothen the buying/selling experience, of a used car and hence will help in the growth of the used car industry.


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