Pre-owned vehicle sale, purchase and financing platform CARS24 on Wednesday said vehicles worth over Rs 1,800 crore were sold to its platform in the April-June quarter of this year.
The quarter also witnessed a surge in demand for pre-owned cars with as many as 30 vehicles getting sold at every hour during the period, the platform said.
Hatchback models dominated the total sales with 62 per cent share during the June quarter of 2023 while the sedans made a stylish comeback. Also, non-metro cities challenged the dominance of metros in car purchases, as Pune and Ahmedabad experienced a surge in pre-owned car sales, it said.
The April-June quarter witnessed a remarkable surge in demand for pre-owned vehicles across the country. CARS24, in particular, achieved a substantial sales increase during this period, with an impressive 87 per cent leap compared to the same period in 2022, it said.
Also significant was the individuals selling cars worth Rs 1,800 crore to CARS24, reflecting the paradigm shift in Indian buyers trusting innovative car-buying and selling, the company stated.
The growing preference for affordability and value among customers, alongside the availability of flexible financing options and extended warranties, has established used cars as a practical alternative, according to CARS24.
Moreover, the convenience of online marketplaces and digital platforms for buying and selling pre-owned vehicles has significantly improved the overall experience, it stated.
"It is exciting to witness such a remarkable surge in transactions within the used car market. In fact, during this quarter alone, people sold 30 cars every 60 minutes on our platform. Several key factors have contributed to this rapid growth, including evolving consumer preferences, the availability of expanded inventory levels, and the desire to upgrade to new-generation vehicles, among others,” said Gajendra Jangid, co-founder, of CARS24.
It is the culmination of these combined factors that have propelled the second-hand car market to new heights throughout India, he added.
With the ease of purchasing a car online, complete with financing and delivery options, the process has become more convenient than ever before, CARS24 said.
According to the platform, while hatchbacks continue to reign supreme, sedans have been quietly plotting their resurgence in the market.
In the second quarter, sedans experienced a notable uptick in sales, accounting for 19 per cent of total sales on the platform, it said.
Moreover, non-metro cities challenged the dominance of metros in car purchases, as Pune and Ahmedabad experienced a surge in pre-owned car sales. These cities are witnessing a notable increase in car deliveries, the company said and added that cities including Kochi, Chandigarh, Patna, Lucknow, Jaipur and Surat also contributed to the increasing car sales in the used car market.
In terms of metro cities, New Delhi emerged as the top purchaser of cars in Q2, followed by Bengaluru, Hyderabad and Kolkata, it stated.