Second hand car market in India
What was the second hand car market like a few years back? To put it straight, the market was completely unorganized according to industry experts with no possible framework or structure in place for buyers to rest their faith on. There were no guarantees with regard to buying used cars. You either found buyers directly by advertising in the classifieds sections or you went to dealerships where you were either lucky to find a good deal or were fleeced without even realizing it initially.
The market of used car in India
Many people have paid up atrocious sums for used cars only to find out later that the vehicles were hugely overpriced while some have sold their cars for lower amounts and realized it much later. There was no definite mechanism to define pricing in the used car market. One only operated on the basis of ideas and inputs from dealerships and industry experts who would never democratize such insights and information. Also, unavailability was a major problem since the market size was small back then. However, things have changed hugely in today’s times.
The second hand car market in India has evolved for the better and turned into a huge money spinner for companies and dealerships alike. This is now a more organized industry with ample support for the customer in terms of finding out the right pricing (easily possible online), getting pre-certified (pre-inspected and fixed) and hence reliable cars, getting insurance, financing options, accessories, customer service and loads of other help. Unavailability is no longer a problem and customers do not even have to negotiate or haggle for prices if they wish. Big multi-dealership used car chains owned by major Indian automobile brands have totally revolutionized the industry and brought in greater transparency, reliability and integrity into the entire system.
Customers now feel safer and more empowered than ever when it comes to purchasing second hand cars in India. And of course, the market has grown more than anyone ever thought. There is a steady stream of used cars available in almost every city market from all brands. The market has been further fueled by the rapidly increasing prices of new cars, more taxes and other similar measures, policies like the Delhi-NCR diesel ban and other aspects. The odd-even rule in Delhi has also naturally boosted used car sales since license plate numbers are already known to customers and hence they can purchase even/odd number plated cars as per their requirements.
The market of used car in India is slated to grow even faster over the next few years and will be one of the largest across the globe by the year 2020. With more and more people lining up to buy second hand cars and the entire industry getting more organized, the good times are set to continue for sure!