Nov 14
Indian Market for Used Cars
Cats: car-finance|
carazoo.com asked:
Used car market in India is popping up across the country. The key success of the used car market lies in the words of Ratan Tata, Chairman of Tata Group. Ratan clearly said that the future of Indian car industry completely depends on those who are yet to drive.
Increasing price of new cars promises the car manufacturers and dealers a guaranteed success of used car market. Different players or car manufacturers are giving a try to this concept while some have even set up their own certified used car showrooms. These showrooms are established for potential buyers of used cars across the globe.
The Indian used car market is dominated by Maruti’s Suzuki TrueValue program. Maruti Suzuki True Value is a certified used car showroom that was opened in 2001. Researches and studies have indicated that this outlet fetches majority of used cars to their consumers. Experts from the company refurbish and verify the old cars. The company also provides a limited time period servicing guarantee so that the buyers are comfortable and at ease when planning to buy a used car.
As Maruti, other big players like Toyota, Hyundai, Honda, and Ford have also hit the Indian used car market. Toyota with its Toyota You Trust brand, is hitting the market with a rigid competition from Honda’s Auto Terrace, Ford’s Ford Assured and Hyundai’s Hyundai Advantage. Toyota You Trust Brand, Honda Auto Terrace, Hyundai Advantage, Ford Assured and Mahindra & Mahindra First Choice are certified outlets of the respective car manufacturers. These manufacturers have appointed skilled and technical expertise to focus on the refurbishing and smooth running of used cars.
Let’s learn why the Indian market for used cars is growing progressively. It is mainly because of the increasing price range coupled with luxuries that injected a thought of exchange offer in the minds of Indian populace. There are people who want to switch over to higher segments and luxuries. In order to switch over, they sell their old cars and buy new luxury cars for themselves. The same cars are then refurbished and sold out to those who want to switch over from two wheelers to four wheelers. People started buying new cars by exchanging their old cars. Such an exchange offer holds incentive for both the car buyers and car manufacturers. Most of the car manufacturers take this as an opportunity to push up the sale of their new cars. With the growth of car market, it is expected that the number of pre owned cars will increase which will effectively give rise to the used car market.
Statistics say that Maruti Suzuki sells more than 90,000 used cars through its certified True Value network. The network has gained high acceptance and prominence in the market. Car financers have reported a growth of 25-30% in the last couple of years. The consistent model enhancement and continuous replacements by car companies have eventually lowered the prices of used cars. In the last few years, the prices have dropped down to almost 10% to 15%, making the consumers flock to the market. This further gives a golden opportunity to consumers to maximize their worth for money and make a cheap deal.
No doubt, the US and France have the highest segment of used cars but it is believed that India is ready to outshoot the record in next few years. Don’t forget we have the second largest population, so if everyone starts buying new cars and selling used cars, we will definitely have the highest number of used cars running on the Indian roads.
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Used car market in India is popping up across the country. The key success of the used car market lies in the words of Ratan Tata, Chairman of Tata Group. Ratan clearly said that the future of Indian car industry completely depends on those who are yet to drive.
Increasing price of new cars promises the car manufacturers and dealers a guaranteed success of used car market. Different players or car manufacturers are giving a try to this concept while some have even set up their own certified used car showrooms. These showrooms are established for potential buyers of used cars across the globe.
The Indian used car market is dominated by Maruti’s Suzuki TrueValue program. Maruti Suzuki True Value is a certified used car showroom that was opened in 2001. Researches and studies have indicated that this outlet fetches majority of used cars to their consumers. Experts from the company refurbish and verify the old cars. The company also provides a limited time period servicing guarantee so that the buyers are comfortable and at ease when planning to buy a used car.
As Maruti, other big players like Toyota, Hyundai, Honda, and Ford have also hit the Indian used car market. Toyota with its Toyota You Trust brand, is hitting the market with a rigid competition from Honda’s Auto Terrace, Ford’s Ford Assured and Hyundai’s Hyundai Advantage. Toyota You Trust Brand, Honda Auto Terrace, Hyundai Advantage, Ford Assured and Mahindra & Mahindra First Choice are certified outlets of the respective car manufacturers. These manufacturers have appointed skilled and technical expertise to focus on the refurbishing and smooth running of used cars.
Let’s learn why the Indian market for used cars is growing progressively. It is mainly because of the increasing price range coupled with luxuries that injected a thought of exchange offer in the minds of Indian populace. There are people who want to switch over to higher segments and luxuries. In order to switch over, they sell their old cars and buy new luxury cars for themselves. The same cars are then refurbished and sold out to those who want to switch over from two wheelers to four wheelers. People started buying new cars by exchanging their old cars. Such an exchange offer holds incentive for both the car buyers and car manufacturers. Most of the car manufacturers take this as an opportunity to push up the sale of their new cars. With the growth of car market, it is expected that the number of pre owned cars will increase which will effectively give rise to the used car market.
Statistics say that Maruti Suzuki sells more than 90,000 used cars through its certified True Value network. The network has gained high acceptance and prominence in the market. Car financers have reported a growth of 25-30% in the last couple of years. The consistent model enhancement and continuous replacements by car companies have eventually lowered the prices of used cars. In the last few years, the prices have dropped down to almost 10% to 15%, making the consumers flock to the market. This further gives a golden opportunity to consumers to maximize their worth for money and make a cheap deal.
No doubt, the US and France have the highest segment of used cars but it is believed that India is ready to outshoot the record in next few years. Don’t forget we have the second largest population, so if everyone starts buying new cars and selling used cars, we will definitely have the highest number of used cars running on the Indian roads.
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