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Used-Car Sales Expected to Rise 12-15% This Festive Season
The used-car market is projected to grow 12-15% year-on-year this festive quarter, driven by strong rural demand and first-time buyers. Organised players like Cars24 and Spinny are seeing significant growth.
Confidence: 95%Sentiment: PositiveHigh Priority
What Happened?
The used-car market is projected to grow 12-15% year-on-year this festive quarter, driven by strong rural demand and first-time buyers. Organised players like Cars24 and Spinny are seeing significant growth.
AI Quick Summary
Used-car sales are expected to rise 12-15% this festive season, driven by rural demand and first-time buyers.
Key points
- Used-car sales are expected to grow 12-15% year-on-year during the October-December festive quarter.
- Cars24 anticipates a 55-60% growth during the festival season.
- Spinny recorded its highest single-day deliveries on October 11, delivering 1,370 cars.
- Rural markets account for over 40% of Cars24's sales, with 70% of customers being first-time buyers.
- SUVs are growing faster than hatchbacks in the used-car market.
Key insights
- The growth in rural demand may lead to a shift in inventory strategies for used-car dealers.
- First-time buyers represent a significant market segment, indicating a potential long-term customer base.
- The increasing popularity of SUVs in the used-car market could influence future new-car sales trends.
Why it matters
The rise in used-car sales could indicate increased consumer confidence and economic recovery in rural areas.
Tags
Entities
Cars24· CompanySpinny· CompanyMaruti Suzuki· BrandHyundai· BrandRenault· BrandTata· BrandAudi· BrandBMW· BrandMercedes-Benz· Brand
Source
Business Standard
