In April to June, vehicles worth Rs 1,800 crore sold on CARS24

20 Jul 2023 , 09:39 AM

The pre-owned vehicle sale, purchase, and financing platform CARS24 reported on Wednesday that through its platform, vehicles worth over Rs 1,800 crore were sold in the April–June quarter, with as many as 30 vehicles selling every hour. 

In the June 2023 quarter, hatchback vehicles held a 62% share of the market while sedans made a fashionable comeback. Additionally, it said that a rise in the sales of used cars in Pune and Ahmedabad challenged the supremacy of metro areas in terms of automobile purchases.

There was a surprising increase in demand for used cars across the nation during the April to June quarter. Particularly CARS24, it reported, had significant growth in sales at this time, with an amazing 87% increase over the same period in 2022.

The individuals who sold CARS24 cars worth Rs 1,800 crore were also significant, the business said, as they demonstrated the paradigm shift in Indian consumers’ faith in cutting-edge car buying and selling.

Used cars have become a sensible alternative, according to CARS24, as buyers’ preferences for cost and value are expanding, and flexible financing options and extended warranties are readily available.

It added that the ease of using digital platforms and online markets to buy and sell used cars has greatly enhanced the whole experience.

The platform claims that while hatchbacks still rule the market, sedans have been subtly planning their comeback.

Sedan sales saw a significant increase in the second quarter, accounting for 19% of all platform sales, the company reported.

In addition, non-metro cities like Pune and Ahmedabad saw a spike in the sales of used cars, challenging the dominance of metros in the car market. According to the corporation, there has been a noticeable increase in car deliveries to these cities, and Kochi, Chandigarh, Patna, Lucknow, Jaipur, and Surat have all helped to drive up used car sales.

Bangalore, Hyderabad, Kolkata, and New Delhi were the top metropolises in terms of car purchases in Q2, according to the report.

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