New Delhi, (Global News) : The Drive Time Quarterly Report by CARS24, India’s leading Auto-Tech company for pre-owned vehicles, has shown a significant shift among Indian consumers for purchasing and selling pre-owned cars. The first quarter of the calendar year 2023, especially, saw a growth in demand for used cars across the country. CARS24 recorded a massive 100 percent jump in sales in the Jan-March quarter (Q1-2023) as compared to Jan-March quarter (Q1-2022).
Used cars are a viable alternative as an increasing number of customers look for affordability and value when purchasing a car, more so with the availability of financing options and extended warranties on offer. The growing popularity of online marketplaces and digital platforms for buying and selling used cars has contributed to making the entire process more convenient.
With the convenience of being able to complete the entire purchasing process from home, including financing and delivery, online platforms have made it easier than ever to buy a car online. According to the CARS24 report, Indians spend just 3 hours on average researching cars online, with the ability to browse an extensive selection of vehicles with transparent pricing. Many dealerships are now conducting the entire sales process online to cater to the growing demand for online car buying.
Commenting on the recent trend, Gajendra Jangid, Co-Founder of CARS24, said, "With the resumption of work from the office and the importance of personal mobility, the second-hand car market is experiencing remarkable growth across India. Our observation of this emerging trend has us excited to embark on this journey with our customers and revolutionize the way India approaches the used car market."