India's Used Car Market Sees Unprecedented Growth

In an astonishing turn of events, India's enthusiasm for used cars reached new heights in 2024, with a staggering 76% of Spinny customers being first-time buyers. This marks a significant 3% increase from the previous year, showcasing a growing trend in the used car market.

Women Powering the Market

Women buyers have carved out a significant niche, now accounting for 26% of the customer base. Their preference leans heavily towards automatic hatchbacks, with 60% opting for this category, while 18% show a penchant for compact SUVs, reflecting a diverse range of preferences and needs.

Top Models and Preferences

The Renault Kwid continues to reign supreme as the top favorite, closely followed by the Hyundai Grand i10. In a surprising shift, the Maruti Suzuki Swift has edged out the Baleno to secure a spot in the top three preferred models, indicating changing tastes among consumers.

Market Trends and Insights

Hatchbacks remain the most sought-after category, highlighting the demand for compact, value-for-money vehicles. Meanwhile, compact SUVs have seen a 20% growth in sales, thanks to their blend of space, performance, and the allure of a 'big car' feel. Petrol vehicles dominate the market, with diesel cars seeing a decline, and CNG and electric vehicles maintaining a steady presence.

Demographic Shifts and Future Outlook

The average age of customers has dropped to 32 years, signaling a shift towards younger buyers. Additionally, there's a noticeable trend of customers upgrading their vehicles, with 22% opting for an upgrade compared to 12% in the previous year. Major cities like Bangalore, Delhi NCR, and Hyderabad continue to be key markets, driving the industry forward.