India's Used car market has witnessed a remarkable surge as inventory worth a whopping Rs 1,250 crore has been sold

The demand for used cars has significantly risen throughout India, resulting in Indians selling cars worth more than Rs 1,250 crore in the first quarter of this year. According to the Drive Time Quarterly Report by CARS24, there has been a substantial increase in the sale of pre-owned cars between January and March 2023, with a 100 per cent rise in sales compared to the same period last year.

Gajendra Jangid, the Co-Founder of CARS24, expressed his thoughts on the recent trend, stating that the second-hand car market is experiencing remarkable growth across India, with the resumption of office work and the importance of personal mobility being the key driving factors. He further added that this emerging trend has the company excited to embark on this journey with their customers and revolutionize the way India approaches the used car market.

The Drive Time Quarterly Report has revealed some intriguing trends in the Indian used car market. The report highlighted that Indians typically spend around three hours browsing through cars online before making their purchase.

Among the metro cities, Delhi had the highest demand for pre-owned cars, followed by Bengaluru, Mumbai, Hyderabad, and Gurgaon. Additionally, there has been a significant rise in the sales of used cars in Lucknow and Patna. When it comes to the most popular models, the Maruti Swift topped the list, followed by the Hyundai Grandi10.

Interestingly, the cheapest car sold in the country was a Maruti Suzuki 800, which was bought for Rs 1,25,000 in Bengaluru. In comparison, the Maruti Suzuki Alto was the second cheapest car, priced at Rs 1,32,000 in Delhi.

Industry sources have reported that the Volkswagen Polo has remained a highly sought-after car even after it was discontinued. Despite no longer being in production, this vehicle continues to attract significant attention from consumers searching for cars.

The second-hand car market is expected to experience a growth rate of 10 to 15 per cent due to the introduction of the On-Board Diagnostics System 2 (OBD2). This system is a computerized mechanism that monitors the engine and other parts of a vehicle, providing a greater level of transparency for buyers in the second-hand car market. OBD2 also offers benefits to consumers, including the ability to purchase more reliable and efficient vehicles.

As environmental concerns become increasingly important to consumers, many are exploring green mobility options. While electric vehicles (EVs) are an obvious choice, consumers are also showing interest in compressed natural gas (CNG) cars.

According to CARS24, there has been a significant rise in searches for pre-owned EVs, although these figures are currently small compared to the platform's quarterly total of 1.7 million searches. Nevertheless, this uptick in demand suggests that there is a growing desire for used EVs among buyers.