According to a new report by UnivDatos Market Insights, The India Pre-Owned Car Market was valued at USD 30,500 million in 2023 and is expected to grow at a strong CAGR of around 13.95% during the forecast period (2024-2032) owing to rising demand for cars with economical pricing solutions across India. The rising demand for Pre-Owned Cars is due to key factors such as rising sales of automobiles, rising demand for economical car options, etc., that have contributed to the growth are rising demand for pre-owned cars.

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Growing Demand:

India is a price-sensitive market as a large number of customers opt for two-wheelers for their daily commute. Considering the rising prices of cars in the last five years after the norms related to BS3, BS4, & BS6 the prices of cars have exponentially jumped in all the segments. An average price hike of 50% to 60% has been observed across all the new car categories in the last five years (2018-2023) considering which a notable number of car buyers have moved towards the used-car market in order to save their cost of upfront purchase as well as reducing the depreciation related issues faced by the buyers in the first three to four years.

In line with this many of the companies have entered into the Indian market in order to tap the growth potential of the India used car market. Furthermore, the buyers and sellers both have benefitted from the online listing of vehicles with comprehensive checking of the vehicle reducing the cases of fraud and improving customer confidence in the pre-owned vehicles.

Additionally, there is also a rising demand for pre-owned cars among tier-2 and tier-3 city buyers as they are more prone to price sensitivity. The pre-owned vehicle companies are also expanding their presence in these sub-urban centers which has further benefitted in market growth.

Applications:

Pre-Owned cars offer a robust solution to price-sensitive buyers as buying a new car often leads to spending upfront costs or going through financing options further resulting in higher financial challenges. Additionally, the price of cars often depreciates by 40% to 50% in the first five years which is a key factor in mind when customers purchase a brand-new car. With the selection of a pre-owned vehicle customers often save a large sum of money as well as defer their purchase plan to a few years when they feel more comfortable in purchasing a new vehicle.

Additionally, pre-owned cars also become a good alternative for commercial car buyers as they are deployable in taxis-related services. Considering these factors the demand for Pre-Owned Car is further anticipated to rise in India during 2024-2032.

Rapidly Increasing Prices of New Vehicles to Attract Demand for Pre-Owned Cars:

In the historical years, the pricing of new cars has exponentially increased due to factors such as raw material pricing increases, stringent environment-related compliances leading to high costs in research and development, etc. Considering the growing prices for cars. According to Carwale a prominent online car website, the price of the base model for Suzuki Swift started from INR 686000, which rose to INR 760,000 in 2024.

Additionally, according to Maruti Suzuki India, the average selling price for cars in India has increased from INR 765000 in 2018-19 to INR 1150000 in the year 2023-24. This is a jump of around 50% which has forced a large number of buyers to shift towards the used cars market.

As the pricing for the new cars is increasing, the demand for Pre-Owned Cars will further grow during 2024-2032.

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Conclusion:

In conclusion, the India Pre-Owned Car market is poised for continued growth and innovation driven by economic expansion, rising car prices, standardization in the pre-owned car industry, and following sustainable practices. Additionally, with the rising consumer preference for economical car buying alternatives and rising prices of new cars, the demand for pre-owned cars is further anticipated to rise. As stakeholders navigate challenges such as cost management, regulatory compliance, and market competitiveness, collaborations, investments in Pre-Owned Car infrastructure, and rising demand for automobiles would also play a vital role in shaping the future of the India Pre-Owned Car market, ensuring its resilience and contribution to the India Pre-Owned Car industry.