Used car sales in India likely to touch 10.8 million in 2030: Report

The utilized car marketplace successful India is projected to turn from 4.6 cardinal income successful 2023 to 10.8 cardinal by 2030, cruising up with an awesome compound yearly maturation complaint (CAGR) of 13 per cent, according to a study connected Thursday. 2024 emerged arsenic a milestone twelvemonth wherever used-car income dominated caller car income with a singular ratio of 1.3:1.

The used-car marketplace trends witnessed an summation successful eco-conscious buyers arsenic EV income accrued 5X successful 2024 with Maharashtra, Karnataka, and Delhi starring the charge.

Continuing the momentum from 2023, SUVs continued to predominate the marketplace stock with 16.7 per cent successful 2024, according to a CARS24 report.

“The erstwhile niche pre-owned car marketplace has taken by tempest and redefined car ownership successful India. As the lawsuit preferences alteration for much affordable and dependable options, the used-car marketplace is witnessing an uptick vis-a-vis the caller car market,” said Gajendra Jangid, Co-founder of CARS24.

Notably, the mean selling terms (ASP) of caller cars continues to climb, further widening the spread betwixt the ASP of caller and utilized cars.

New car ASPs person seen a 32 per cent surge, portion utilized cars experienced a 24 per cent increase.

Despite this upward inclination successful prices, utilized cars stay the much accessible and budget-friendly prime for buyers, offering unmatched worth without compromising connected quality, said the report.

According to the report, financing for caller cars has seen important growth, climbing from 60 per cent successful 2010 to an awesome 84.2 per cent successful 2024, highlighting the expanding user reliance connected loans for conveyance ownership.

Similarly, the used-car financing marketplace has besides made strides, rising from 15 per cent to 23 per cent during the aforesaid period.

“The post-Covid epoch has seen a important displacement successful user preferences, with 12 per cent of car buyers prioritising idiosyncratic mobility for convenience and information implicit shared transportation,” said the report.