Second-hand cars witness good demand this festive season; hatchbacks top choice
New Delhi: With the festive seasons across the nook, Indian auto fanatics are exhibiting a whole lot of curiosity within the pre-owned vehicles with hatchbacks being extra in demand for the reason that budgets have declined, an OLX research stated.
61 % automotive patrons plan to purchase a pre-owned automotive this festive season whereas 56 % of them planning to buy a hatchback. This festive season Indians are preferring to purchase hatchback vehicles as their budgets have declined in accordance with OLX Autos India Study.
OLX performed a research with 5800 automotive patrons and sellers throughout August-October 2020. 61 % individuals plan to purchase a automotive within the subsequent 3-6 months whereas 15 % are considering promoting their present vehicles.
Among the shopping for fanatics, 51 % had been salaried workers, whereas 40 % had been both self-employed or had their very own enterprise.
The OLX research concluded that financial uncertainty with the working inhabitants has led to a shift within the choice for pre-owned vehicles.
56 % individuals would favor to purchase a hatchback automotive whereas 44 % expressed an curiosity in shopping for a bigger automotive. 17 % would favor to purchase a sedan and 11 % would favor to purchase an SUV, the research discovered.
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The research stated that constrained budgets will information shopper spends on vehicles. 63 % had a finances of solely as much as Rs Three lakh for a automotive, whereas solely 30 % respondents stated that they had been keen to spend over Rs Three lakh for purchasing a automotive. 67 % individuals stated they might purchase a used automotive to maneuver round with their households and 22 % stated that they would favor to purchase a pre-owned automotive for his or her day by day workplace commute.
15 % respondents plan to promote their present vehicles whereas 53 % plan to improve their vehicles or purchase one other automotive and 23 % plan to take action to satisfy their monetary wants. 12 % are promoting their spare automotive.
“Customers are getting attracted in direction of pre-owned vehicles as it’s providing the perfect worth realization to those shoppers at a time when their incomes have been impacted. Post the unlock, demand for pre-owned vehicles have shot up 133% whereas provide is up by 112% on OLX as we head into the festive season. India’s pre-owned automotive sellers have about 60% of unsold stock which they’ll intention to liquidate throughout the festive season,” Amit Kumar, Head, OLX Autos India, stated.
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