More than 50 percent would prefer to buy a second hand car

Mumbai, Ta. Wednesday 22 July 2020

The economic downturn caused by the coronavirus has hit consumers' purchasing power hard. Due to the spread of Corona, passengers are now choosing to come in their own vehicle. But 6 per cent of Indians looking to buy a car in the next six months are considering buying a second-hand car, according to a survey.

However, against this, 4% of people want to buy a new car which will be favorable for the country's auto industry. The auto sector has been hit hard by the coronavirus, but demand for second-hand cars has been on the rise since June as the lockdown eased, according to an online survey.

For the new car, 6 per cent have a budget of less than Rs 5 lakh, while 5 per cent have a budget of Rs 5 lakh to Rs 7 lakh, the survey said.

Fifty per cent of buyers for second-hand cars have a budget of less than Rs 5 lakh, while 20 per cent have a budget of between Rs 4 lakh and Rs 7 lakh.

The survey also found that demand for second-hand cars is increasing in smaller cities and towns. The report also found that in 2020, the non-metro area will surpass the metro area in terms of car demand and supply.

Corona has not had a particularly serious impact on small towns and cities in the country. Not only is the monsoon progressing well, it is also showing good performance in the agricultural sector this year, which will boost demand from rural areas and small towns.