NEW DELHI: India showed enthusiasm for used cars in 2024, with a remarkable 76 per cent of Spinny customers emerging as first-time buyers. This markes a 3 per cent rise from the 73 per cent recorded in 2023 according to an annual report by the company dealing with selling and buying of used cars.
Highlights of the report
- Women buyers now account for 26 per cent of the customer base, with their numbers reflecting a consistent upward trend. 60 per cent of these women prefered automatic hatchbacks, while 18 per cent inclinex towards compact SUVs.
- The top three preferred car models experienced a shift in 2024, according to the report, cited by news agency ANI. While the Renault Kwid retained its position as the top favourite, Hyundai Grand i10 also continued its stronghold. On the other hand, Baleno lost its spot to Maruti Suzuki Swift which made its way into the top three.
- Hatchbacks continued to dominate as the most sought-after category, emphasising the popularity of compact, value-for-money vehicles.
- Compact SUVs also saw a 20 per cent growth in sales, driven by their combination of space, performance, and the “big car” appeal. Models like the Ford EcoSport remained customer favourites.
- Petrol vehicles continued to dominate the market, accounting for 82 per cent of all sales. Diesel cars dropped to 12 per cent, while CNG and electric vehicles (EVs) held steady at 4 per cent and 2 per cent, respectively.
- The average customer age dropped from 34 years in 2023 to 32 years in 2024, indicating an appeal to younger buyers. Additionally, there was a notable trend of customers upgrading their vehicles, with 22 per cent opting for an upgrade compared to 12 per cent in the previous year.
- Major cities like Bangalore, Delhi NCR, and Hyderabad emerged as the top contributors to sales, cementing their status as key markets for Spinny.
Niraj Singh, founder and CEO of Spinny addressed the year-end trends “From delivering our first car in 2015 to over 2 lakh stories by the end of 2024, it has been a humbling journey. This growth fuels our passion to continue offering the service and experience to our customers as we move forward.”
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