The cost of buying and owning a new car in the country is constantly increasing. Rising inflation, higher input costs and stricter emission norms can be blamed for this rise in new vehicle prices.
Disruptions in the global supply chain of key components such as semiconductors and pandemics are also major reasons for the price hike. Several automakers have announced price hikes across their product portfolios in response to rising input costs and government regulatory requirements.
So it has become even more difficult for a first-time buyer to buy a new car. And that’s why every year more and more first-time buyers are turning to pre-owned options as their first car. Used car retail platform Spinny has reported a significant increase in demand for used cars, especially from metropolitan cities.
Spiny’s year-end report results
Buyer – According to the report, Spinny saw a 60% increase in first-time car buyers in India this year. This was 3 percent higher than the previous year’s 57 percent. A 4% increase was recorded in 32% female buyers compared to last year.
Buyer Behavior – A whopping 85% of shoppers chose to have their purchases delivered to their home, while 48% of consumers preferred to shop entirely online. Bengaluru, Delhi-NCR and Hyderabad were the top three cities that showed the highest demand for Spiny used cars this year.
Vehicle preferences – Maruti, Hyundai, Honda and Tata continue to be the most preferred brands while Hyundai’s Grand i10 and Elite i20, Renault’s Kwid, and Ford Ecosport top the best-selling pre-owned car charts.
Monochromatic colors like white, silver and gray continue to be preferred by buyers due to their neutral nature. Interestingly, buyers from Chennai and Bangalore also showed demand for red colored cars.
Despite SUVs dominating the new car market, Spinny buyers preferred hatchbacks and sedans over them.
Commenting on the surge in demand for used cars on its platform, Neeraj Singh, Founder and CEO of Spiny said: “At Spiny, it has always been our commitment to provide a unique and seamless car buying experience. The used car market has been growing at a steady rate. And, this market shift in customer behavior can be attributed to consumer confidence in Spiny’s offerings and services.”
He adds, “We believe that a car is a special purchase for a household and we strive to make it even more special for each of our customers. We will always go the extra mile to ensure that “