Cars worth Rs 1,760 crore were sold on Cars24 during the festive season.
Automotive sales crossed the 1 million unit mark this festive season. The used car segment also witnessed a surge in sales during this period. According to data shared by Cars24, there was an 88% increase in the sales of used cars pan India compared to last year.
The data shows that 87% of Indians opted for petrol vehicles. This could be due to the lower initial costs and maintenance expenses as well as the fact that petrol vehicles can remain on the road for 15 years.
Hatchbacks accounted for 65% of the total sales. Models like the Swift, Baleno, Grand i10, Alto and Kwid were popular among first-time car buyers, with Maruti Suzuki being the preferred brand. SUVs were the second most preferred body style among used car buyers. Models like the Vitara Brezza, Ford EcoSport, Ertiga, Creta and Nexon saw high demand. The most expensive car bought this season was the Ford Endeavour. Silver was the most popular colour among car buyers.
Bangalore recorded the highest car sales this festive season. In Kochi, car sales doubled compared to last year during Onam. In Mumbai and Pune, Ganesh Chaturthi saw a twofold increase in car purchases, with the WagonR and Honda City leading the way. Ahmedabad and Delhi recorded a 67% increase in car sales during Navratri, especially for the Grand i10 and Baleno.
Cars worth Rs 1,760 crore were sold on Cars24 during the festive season, with Delhi topping the list among the metros. Lucknow saw a maximum number of people selling their cars from metropolitan markets followed by Pune, and Ahmedabad. A Maruti 800 and Zen were the cheapest cars sold on the platform, and on the other end of the spectrum was a Mercedes-Benz E Class.
During the festive season, loans amounting to Rs 4.7 crore were disbursed on average daily, with maximum applications from young salaried professionals under 35 years of age. Cars24 claims to have processed more than 500 loan applications daily, with a used car loan getting disbursed every 10 minutes. The most financed car brands were Maruti and Hyundai, and maximum loans were disbursed for Hyundai Grand i10.
Keyword: 87% of Indians choose petrol cars this festive season