Significant growth in the second hand car market after the epidemic

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New Delhi: After the epidemic, the second-hand car market has seen a significant growth in comparison to new cars, which has grown to Rs. 20,000 crore is expected.

People are now preferring to travel in their own vehicles due to the social distance rule that came into force in the wake of the Corona epidemic. On the other hand, second hand cars are available at half the price of new cars, which has increased the appeal of such cars.

In addition, the second hand car market has also gained momentum with the entry of startup companies. In the last five years, startups like Cars 3, Car Dekho, Drum, Car Trade have been operating in this market on a large scale. Startup companies have digitized this market. All the information about the car is available on their portal.

Car manufacturers are also operating in the second hand market. On the other hand, with the second hand car market operating in small and big cities, people can easily make a deal. However, after the entry of startups in this market, an atmosphere of competition has arisen.

According to the study circles of the second hand car market, after the entry of startups, the share of the organized sector in this market is likely to increase to 30%.

According to sources in the market, second-hand car sales are one and a half times higher than new cars. In view of this, the size of this market has increased to Rs. 20,000 crore is expected. People are turning to second hand cars as they are available in the market with reasonable price as well as warranty.

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