High Growth in The Second Hand Car Market

Second Hand Car Market

As the economy of India grows, the demand for luxury items will also grow with it. And one such item in the list of premium items that is growing exponentially is the sale of premium cars. While the sale of brand new cars in this segment is also witnessing growth, it is nothing compared to the one witnessed in the second hand car market for premium cars. There are many reasons that premium cars like used Mercedes are sold in such high volumes in India. Here we are listing out a few of those reasons for your reference.

1). While India is growing rapidly the income of the middle class is not that high that all of them can afford a premium car. On the other hand, a second-hand car is a great proposition in such a situation. It is found out that in the first year of the purchase itself, the value of a car depreciates as much as by thirty percent. This gives lot more people a chance to buy and enjoy a second-hand car that provides some of the best comfort and safety features in the Industry. In addition, the stigma attached to buying a second-hand car has also lessened to a great degree and people are now more acceptable to the idea of purchasing a refurbished car for their personal use.

2). The second thing that is making the second-hand car market selling premium cars like used Mercedes expanding at such an astonishing rate is the ownership time. Earlier, when a person used to purchase a car, it stayed in the family for a great many years, but nowadays, people are holding on to a car for a very short period of time. They are eager to buy the latest model that is available on the market. This frequent buying of new cars and selling off the old ones has created a huge market for the second-hand cars in India. This large inventory of pre-owned cars is giving the consumers more options to choose the car of their choice.

3). The online purchase of second hand cars has also improved the market.  Nowadays, people not only have more choice but also the convenience of looking at different cars in a different market from the comfort of their home and selecting the one they like. Most of the online car owners offer some sort of warranty to make sure they get past the hesitation that customers might feel about buying a pre-owned car online.

4). The second-hand car market is a huge and many reputable companies have entered this sector. This has not only improved the market dynamics but also the quality of service and products as none of these companies will risk a bad reputation.

5). The increasing demand for refurbished cars like a used Mercedes is also fuelling the demand for such cars. As more and more people successfully participate in the amazing Indian growth story, they yearn for more comfort and better status in the society. And one of the ways to get both of these is to buy a luxury car like Mercedes or a BMW.

6). Nowadays, major multinational brands are offering their refurbished car models at a heavy discount. As these cars are offered through the official outlets with proper warranty by the companies they provide better reliability in terms of quality.

7). Lastly, the prices of new models are going through the roof which is forcing many a people to turn to the second-hand car market to buy the car of their dreams at a much lower price.

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