Average car buying budget in India grew 30% in 2022: Report

New Delhi, Jan 10 (KNN) India recorded a 30 per cent increase in average car-buying budget in 2022, with car buyers ready to spend more without compromising on choice, safety, or quality, according to ‘The Mileage Report’ by CARS24, an e-commerce platform for pre-owned cars.

CARS24 in their report, pointed out that the year 2022 saw an increase in the buying and selling pre-owned cars. A jump of 75 per cent was recorded in sale of pre-owned cars in the last quarter (October to December), compared with the first quarter (January to March).

Sale of pre-owned cars picked up pace in tier II markets, with Pune and Ahmedabad recording maximum car deliveries.

While there has been a growing preference for premium cars, mileage remains an important factor in individual purchases. Last year saw enquiries every 2 minutes on the mileage and fuel choices of various models, the report noted.

The report further added that features like airbags, driver assist systems, autoplay music systems, giant screens, camera controls, sunroofs, and so on were in demand, with buyers willing to spend more for them.

According to data shared by CARS24, more Indians preferred getting their cars financed in 2022. Cities like Hyderabad, Lucknow, and Kolkata saw a higher preference for car finance.  (KNN Bureau)