Pre-owned luxury cars outsold new ones in India last year
What's the story
In a surprising trend, India's luxury car market has witnessed a surge in pre-owned vehicle sales, outpacing new car purchases.
According to a report by Business Standard, 80,000 pre-owned luxury cars were sold last year, outpacing the sale of 50,000 new ones.
This shift marks India's growing affinity for premium vehicles and reflects a change in consumer preferences toward pre-owned luxury options.
Market shift
Utility vehicles dominate sales
The Indian automobile market is moving toward more premium offerings, as seen with the growing demand for utility vehicles.
They made up a whopping 65% of total passenger vehicle sales in 2024.
And, among them, sports utility vehicles (SUVs) were the clear winners, making up for more than half of all sales, Business Standard's report said.
Demographic shift
Young professionals drive demand
The growing appetite for pre-owned luxury cars isn't just restricted to metro cities such as NCR, Mumbai, and Bengaluru. Even tier-2 and tier-3 cities are playing a major role in this.
BMW Group India President and CEO Vikram Pawah said there is a "very strong interest" in the used-luxury car segment from "young and successful people."
He said the average age of owners has fallen to 35-40 years.
Business expansion
BMW's pre-owned car business sees significant growth
BMW's pre-owned car business grew a whopping 47% year-on-year in 2024.
Other luxury carmakers like Mercedes-Benz, Volvo Car India, and Audi India also witnessed healthy sales during the period.
The trend shows that the market for pre-owned luxury cars in India is booming, thanks to easy financing options, certified programs, and reasonable maintenance offers.