Nearly 50 per cent of used car buyers are salaried professionals. Swift & Creta most preferred
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With more users opting for used cars amidst rising car prices, a new report states that nearly 50 per cent of pre-owned car buyers are salaried professionals. Cars24, a major player in the pre-owned car buying and selling segment has released its quarterly report revealing several interesting trends around used cars. The report further revealed that the Maruti Suzuki Swift and Hyundai Creta are the most in-demand models in the used car market.
Used Car Sales: Tier II markets show explosive growth
The want for personal mobility along with rising new car prices have given a major boost to used car demand in the post-pandemic era. Cars24, in its report for Q2 2024 (April - June), suggested that about 48.5 per cent of used car buyers are salaried professionals. The second quarter of the financial year is usually a dynamic time for the salaried class, the report said, with appraisals, promotions, bonuses and new roles. Several salaried professionals celebrate their career milestones by purchasing personal cars.
Used Car Sales: High demand for SUVs
Meanwhile, SUVs have witnessed the highest jump in demand with the MG Hector registering a four-fold increase, the Nissan Magnite witnessing a two-fold increase and the Jeep Compass registering a two-fold increase in 2024, compared to 2023. The share of SUVs has risen from 10 per cent to nearly 20 per cent in the last five years, in line with the shift in consumer preferences. That said, hatchbacks continue to account for 60 per cent of used car sales, followed by sedans at 21 per cent, while SUVs are a close third at 19 per cent.
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