Used cars market booming in India

With used cars in India winning the race over new cars, India is gradually catching up with the world around. In case of new cars, the sales figures always showcase a lower trend with discounts at high rates which further forces the government to cut down excise duty for generating demand. The average sales figure for used cars is 3 million whereas it is 2.7 million for new cars. On comparing growth figures between the two, the situation is harsher as it is 22-25% for used cars and a flat figure for new ones in the last 3 years.

As per industry officials, Indian auto market is heading towards growth just exactly the US way where  annual sales of used car is three times the sales of new cars i.e. 44 million.

With the recent reduction in excise duty, a change is definitely expected in the business scenario. The used car business is certainly going to witness an upward trend because of a well-organised structure now.

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SHRIRAM AUTOMALL TO EMERGE AS A CENTER FOR USED CARS

Indian automobile second hand market is booming as people from all over the world are attracted towards the used cars. With the improved quality of used cars in India and wider selection, greater acceptance for the used cars among the customers is observed.

Pre–owned car dealers are more in demand in this financial year in contrast to the new car dealers. New car sales have witnessed a great dip due to the resilient slowdown of economy. Car buyers in India are extremely price sensitive. Fresh new cars attracts huge amount and empties one pocket. The acquisition cost is also very high as compared to used cars, excise duty and road taxes have increased which in turn makes the used cars a good value for money.

Pre-owned cars purchased from the reliable source is a must, one need to keep in mind to make deals in the used cars segment intelligently as what you get is a used car converted into a new car that is optimized for trouble-free performance and needs minimum maintenance.

The figures are estimated to be 1:1 for every one new car, one pre -owned car is sold.

Used cars have always been in demand and with each year passing by, the future of used cars seems to see no dull moment.

Mr. Sameer Malhotra CEO of Shriram Automall said, “their effort lies in setting the thrust for the owners to dispose off their used cars and at the same time, empowered the small fleet owners to fuel their entrepreneurial ambitions by acquiring the used cars.”