Is the market size of used cars in Bhadohi set to surpass the size of new cars?

India’s used car market has grown rapidly in recent years. Used car sales in India are growing so rapidly that they will surpass the volume of new car sales in the next few years. We should compare the Used Cars in Bhadohi with the new car market in India before we explore the used car market in India.

New vs. used car markets

Currently, the used car market in India is growing at an exponential rate. There are many reasons behind the exponential growth of COVID-19, including fear of a pandemic. Despite a disastrous year for the new car market in 2020, it is in good shape now. Currently in India, new car sales outnumber used car sales by a ratio of 1:1.5. As of 2020–21, there were 3.8 million units of used cars sold via various second-hand car dealers in the country. By 2025, the used car market in India is forecast to grow twice as large as the new car market, according to a study by Frost and Sullivan.

We should take a closer look at the reasons for this sudden boom in the market for second-hand cars:

1. Pandemic fear

A COVID-19 pandemic is currently terrorizing the entire world. People prefer to use private vehicles and two-wheelers rather than public transportation to maintain social distance. Many people, however, cannot afford to purchase new cars. This has led to a huge spike in the sale of second-hand cars as a result of the increased demand.

2. The market is full of used car dealers

There was a time when the used car market was one of the most unorganized. The lack of organization led to a lack of consumer trust. In recent years, these perceptions have changed dramatically. Secondhand cars have become an organized sector, with many corporate companies investing in purchases and sales. Because of this, consumers have a wide variety of options, along with certificates of trust, to choose from among registered used car dealers.

3. Changing consumer behavior

The purchasing power of Indian consumers increased in the past few years, which caused their behavior to change as well. The sale of a car earlier was a big-ticket purchase, and the owners typically kept their cars for 8 to 10 years before selling them. Currently, cars are becoming more like fashion statements, and people tend to replace them every three to five years. This result allows second-hand car buyers to purchase good cars that appear as good as new. As a result of this, used cars are becoming increasingly popular and in demand.

4. Affordable financing schemes for used cars

It is not uncommon to take out a car loan to purchase a car. The recent development of affordable loans for second-hand cars has led to many banks and non-banking financial institutions. The result is that consumers can buy pre-owned cars easily without having their financial plans disrupted. Further, it is quite simple and hassle-free to obtain a loan for a used car in India. Car kharido becho 24 offers pre-owned car loans, car insurance bhadohi, car insurance renewal in bhadohi through our website. You can apply by filling up an online form.

The Final Word

Increasingly, consumers know the advantages of buying a used car, and as a result, there are more second Hand Cars in bhadohi for sell. The Indian used car market will see unprecedented growth in the coming days. Thanks to growing infrastructure and a rising purchasing power of consumers. Market analysts anticipate that the second-hand car market will grow at a Compound Annual Growth Rate (CAGR) of 10% by 2024.

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