Used Cars industry is the fastest growing industry in India. Used cars are getting more popular than brand new cars. According to recent survey in India, age group of 25-35 are the customers who want to buy mostly used cars and change it within the periods of 1-1.5 year. This industry in India is having huge potential and giving a great space to explore. Used car industry is also depends upon the lower and easy financing options.
All major car manufactures like Maruti, Hyundai and Mahindra already started their own used car business and doing great in this sector. Still the major chunk of used car operations are controlled by the local players and because of it this sector is totally unorganized. Still in the market most of the car sold is accidental and mechanical fault. Mostly local player just want to sell the second hand car at any cost and the buyer is the ultimate person who suffers most.
India is becoming the hatchback hub and also gaining the interest of luxury car manufacturers. Big names like Mercedes, BMW also planned to start the used car business in India. Everyone wants to drive the luxury car but the cost factor pulled them back. Now with the availability of Luxury cars at lower cost will boost the used luxury cars market in India as well.
The major advantages of buying a used car is the cost factor, it is available at considerably low cost and fits to most of the car buyers in India. When People want to drive a car for short term them its the best option because of lower depreciation cost. If you car a used car in India and car is less than 4-5 year old then you can also enjoy the easy auto loans. The major advantage is car owners can easily modify the used car according to his/her choice. The most popular used cars in India are Maruti Alto, Hyundai Santro, Hyundai Accent, Wagon R, Toyota Innova and Honda City.