Surge in Prices and Growing SUV Demand Witnessed in the Used Car Market

  • By Admin, on Feb. 2, 2024
  • Categories: SUV

  • Surge in Prices and Growing SUV Demand Witnessed in the Used Car Market

    Recently, the used car market has undergone notable changes, characterized by an increase in prices and a rising demand for SUVs. This shift is attributed to the rising prices of new cars, which has influenced the dynamics of the used car sector.

    Price Surge in the Used Car Market:
    There has been a significant rise in the average ticket prices in the used car market, increasing from Rs 3-3.5 lakh to 6-6.5 lakh. The surge in new car prices, approximately 30%, has had a direct impact on the used car market. Consequently, consumers are now opting for top-end variants across various car types.

    SUV Demand and Lower Prices:
    The increased demand for used SUVs has resulted in a noticeable trend of lower prices. Notably, one can now find used SUVs starting at Rs 3.5 lakh, while hatchbacks begin at Rs 2 lakh. Manish Gupta, Founder of Car ki Deal, emphasizes this shift, highlighting that the demand has made slightly older SUVs available at the price point of hatchbacks.

    Popular Models and Changing Preferences:
    Compact SUVs and specific luxury models, such as the Mercedes-Benz C-Class, Audi Q3, and BMW X1 Series, have become popular choices. These models range in price from just under Rs 2 lakh to Rs 7.5 lakh. The changing product mix in the new car market, favoring SUVs, has translated into a similar trend in the used car market. Entry-level car buyers are now leaning towards better-equipped, larger B-segment used cars at comparable prices, leading to a decline in the entry-level segment.

    Finance Accessibility:
    The ease of obtaining financing has further facilitated the evolution of the used car market. Companies like Car Ki Deal offer a financing marketplace for used and new cars. Although second-hand car finance typically comes at a higher cost, ranging from 11% - 15%, compared to 8.5% to 10.5% for new cars, it remains a viable option for many consumers.

    Conclusion:
    As the used car market continues to undergo transformative changes, understanding the evolving trends becomes crucial for both buyers and sellers. The intersection of rising prices, shifting preferences, and accessible financing highlights the dynamic nature of the used car landscape, making it an interesting space to observe and navigate.


    Book Your Dream Car and get the best deal https://www.carkideal.com/en/bestcar-deals/

    Just Reach Us🧐… For a Complete Satisfactory Deal with Hassle-Free Experience.🙂

    #CarKideal - One Of The Most Chosen Platform Of Car Deals.

    To know more -
    Visit us at  https://www.carkideal.com/
    +91 9711621897 | + 91 8368774393 | 011 49484848

    Do Like and Subscribe our Facebook, Twitter & Insta to get the best updates on automobiles Sector, Be it New Cars, Used Cars, Demo Cars or Display Cars. Register with, #Carkideal will be #HappyTo

     



Leave Your Comment

You must be logged in to post a comment