CARS24 Reports 42% Growth in Used Car Sales, Five-Fold Rise in EV Inquiries in Calendar Year 23

New Delhi, Jan 13 (KNN) Technology-driven platform Cars24 has reported a significant 42 per cent year-on-year increase in used car sales in Calendar Year 23, along with a remarkable five-fold growth in inquiries for used electric vehicles (EVs). The surge in EV inquiries, averaging around 200 per day, reflects a growing interest in cost-effective and sustainable mobility solutions.

The data also reveals a noteworthy shift in buyer demographics, with millennials and Gen Z actively participating in upgrading their cars, addressing the demand-supply gap in the used car segment.

The ratio of new-to-used car sales stood at 1:1.5 in Calendar Year 23, indicating a 50 per cent increase in used car sales. Younger and premium used cars have played a crucial role in meeting market demand.

Cars24 highlights a trend towards premium used cars valued above Rs 8 lakh, particularly in metro areas like Bengaluru and Hyderabad.

SUVs continue to dominate, with a 4-6 per cent growth since FY21, and automatic transmission cars witnessed a significant 77 per cent increase in sales in Calendar Year 23.

The company also notes a rise in used car buyer budgets, increased importance given to safety features, and a notable surge in used car financing.

Kia emerged as a strong brand, registering a 64 per cent YoY growth in demand for its Sonet and Seltos models.

Cars24 emphasises the growing role of financing, with cities like Ahmedabad, Hyderabad, Coimbatore, and Rajkot witnessing a notable shift.

Delhi-NCR leads in the maximum loans on used cars, while Surat sees high demand for financial support in the car-buying process.

In Calendar Year 23, the financial journey saw over Rs 500 crores worth of used cars entering the market monthly, with a 20 per cent growth in people selling their cars compared to 2022.

Maruti emerged as the most sold brand, with the Swift as the top-selling model.

The company's data also reveals insights into loan disbursements, with practicality driving loan tenure choices and a widespread adoption of financing options across tier III cities like Ludhiana, Nashik, and Rohtak.

(KNN Bureau)