Used Car Sales Soar in Agra, Coimbatore, Nagpur, and Vadodara in 2024
New Delhi, India – The popularity of second-hand cars is growing rapidly, with cities like Agra, Coimbatore, Nagpur, and Vadodara seeing significant increases in sales during the second quarter of 2024. Sales surged by 150%, 120%, 111%, and 138% respectively in these cities.
According to Cars24’s Quarterly Report for Q2 2024, about 48.5% of car buyers were salaried professionals celebrating career milestones. The demand for used cars is rising in metro cities due to higher disposable incomes, attractive financing options, and a desire for personal mobility. This trend is also spreading to non-metro cities.
The report highlights that used cars offer significant savings while providing similar functionality and reliability as new cars, making them appealing to budget-conscious consumers. Maruti Suzuki’s Swift and Hyundai’s Creta remain dominant in the used car market. Tata’s market share has grown from 4% to 7%, and brands like Kia, Nissan, and MG are also gaining presence.
In the used car market, Maruti Suzuki leads with a 34.5% share, followed by Hyundai at 26.9%, and Honda at 10.6%. SUV models are particularly popular, with the MG Hector seeing a 4x increase, and both the Nissan Magnite and Jeep Compass experiencing a 2x increase in 2024 compared to 2023. The share of SUVs has risen from 10% to nearly 20% over the past five years.
Easy financing options have played a significant role in this trend. In Q2 2024, Rs 328 crores of auto loans were disbursed, thanks to an innovative financing model that skips traditional down payments. This model is especially popular among first-time buyers and is reaching smaller cities, with 30% of loan applicants coming from Tier 2 and Tier 3 cities.
Women have also taken a prominent lead in car financing this quarter, securing 10% higher loan amounts than men, reflecting their growing economic empowerment and confidence in financial management.
