In the April to June 2023 quarter, CARS24, an online marketplace for used cars in India, sold cars valued at more than INR 18 billion ($242 million). Additionally, there was a demand for 30 used vehicles per hour during the quarter. Hatchbacks dominated overall sales, but sedans made a comeback in the second quarter and accounted for 19% of all sales.
In the June 2023 quarter, hatchback vehicles held a 62% share of the market, while sedans made a fashionable comeback. Additionally, it said that a rise in the sales of used cars in Pune and Ahmedabad threatened the supremacy of metro areas in terms of automobile purchases.
There was a surprising increase in demand for used cars across the nation during the April-June quarter. Particularly CARS24, it reported, had significant growth in sales at this time, with an amazing 87 percent rise over the same period in 2022.
The individuals who sold CARS24 automobiles worth Rs 1,800 crore were also noteworthy, the business said, as they demonstrated the paradigm shift in Indian consumers’ faith in cutting-edge car purchasing and selling.
Used vehicles have become a sensible alternative, according to CARS24, as buyers’ preferences for cost and value are expanding and flexible financing options and extended warranties are readily available.
It said that the ease of using digital platforms and online markets to purchase and sell used cars has greatly enhanced the whole experience.
“It is fantastic to see such a significant increase in used automobile market transactions. In fact, on our platform, 30 automobiles were sold every 60 minutes during this quarter alone.” According to Gajendra Jangid, co-founder of CARS24, a number of important variables, such as changing customer tastes, the availability of increased inventory levels, and the desire to upgrade to new-generation automobiles, among others, have contributed to this rapid rise.”
He noted that the convergence of these interrelated variables is what has given the used automobile industry in India a boost to unprecedented heights.
The procedure has grown more convenient than ever because of the simplicity of buying a car online, complete with finance and delivery choices, according to CARS24.
The platform claims that while hatchbacks still rule the market, sedans have been subtly planning their comeback.
Sedan sales saw a significant increase in the second quarter, accounting for 19% of all platform sales, the company reported.
In addition, non-metro cities like Pune and Ahmedabad saw a spike in the sales of used cars, challenging the dominance of metros in the car market. According to the corporation, there has been a noticeable rise in automobile deliveries to these cities, and Kochi, Chandigarh, Patna, Lucknow, Jaipur, and Surat have all helped to drive up used car sales.
Bangalore, Hyderabad, Kolkata, and New Delhi were the top metropolises in terms of automobile purchases in Q2, according to the report.
READ ALSO – Facebook Parent Meta Makes Its AI ChatGPT Competitor LLaMA 2 Public
The next iteration of Meta’s AI large language model, known as LLaMA 2, will be made available for free for study and commercial usage, according to the company’s CEO, Mark Zuckerberg, who made the announcement on Tuesday.
