Indians prefer preowned cars as market nears $70B by FY31
More Indians are picking preowned cars over brand-new entry-level models, and it's changing the auto scene.
People want feature-packed SUVs and premium rides without the heavy price tag, fueling a surge in used-car sales.
Experts say the used-car market could reach nearly $70 billion by FY31, with annual sales jumping from six million to around nine to 10 million vehicles in just five years.
Cars24 and platforms build buyer trust
Used cars aren't seen as "second-best" anymore. Platforms like Cars24 now offer transparency, quality checks, easy financing, and even warranties.
About 65% of buyers are first-timers who see getting a car as a big milestone.
Plus, more utility vehicles are making their way into preowned lots (expected to hit 19-22% of sales by FY31), and shorter ownership cycles mean better cars hit the market sooner.