The Indian Car Buyers Are Now Changing Cars Frequently…WHY?
The car sales increases throughout the festive season, and the counting is anticipated to pick up pace in 2022 with elevated liquidity and ideal season. At present car market in India is hugely contributing to economic development. One of the leading car dealers and auto portals, Car Ki Deals, has already mounted its business and helping customers to pick the best affordable car with good performance. Now new era Indian car buyers are specific about their choice and frequently changes car as recent market trends.
What Must Things Consider When Purchasing New Or Used Cars?
Every car buyer has distinct tastes, and usually, new car buyers consider few things. The first thing is a brand that has trustworthiness, features, service, and the second thing is car price and its resale worth along with the latest discounts/offers.
People searching for second-hand cars generally focus on car condition, tenure, model, how much car has driven so far, whether it is damaged or met with an accident, and finally accurate documentation (including registration certificate, pollution, insurance, etc.) for feasible transfer and transaction.
How Has Car Buyer Profile Changed Over the Past years?
Now car buyers in India are mostly the young generation who consider car buying as a status symbol, generally buy cars in their initial career phase. People are more interested in buying used and second-hand cars. The second-hand car owners have tremendously grown in the previous 5 years. More than 80% of car buyers are men in India, but we have seen clear enhanced participation of women in exploring and opting for their favourite car.
The used car section will likely grow more in upcoming years because there are certified new and used car dealers in India, such as Car Ki Deal. People are now smart and don't hesitate to invest in buying a used car that offers substantial resale value and potential for buying their favourite car.
Additionally, with the drastic emergence of car, taxi, bike and cab rental services such as Ola, Uber, Rapido and Meru cab, a new breed of investor cum car owner has determined to buy numerous cars and get them linked with these income-producing platforms and networks.
How does car resale value impact the car buyer’s actions?
When you plan to buy a car, it is not a random decision because you have to look at various factors such as features, average, car brand, condition, mileage and most importantly, car price. Moreover, it is a financial as well as sentimental decision for a person to buy his first vehicle, Today Indian car buyers are specific about their car choice and taste. They are brand fanatics and also assess features of the car that bring maximum satisfaction. Now Indian consumers don't vacillate to overshoot their budget to get features and classy cars. If the car can add additional feathers to customer's social prestige, they never mind making their choice irrespective of budget exceeding. The enhancement in the sports utility vehicle (SUV) section and the introduction of smart cars with advanced features have influenced most customers.
The Car choice of the Younger generation has moved upward! Are consumers interested in purchasing premiums and costly cars as their first one?
We have to admit that consumer's tastes have absolutely taken an upward side because it has transformed a lot. However, the beginner's segment has not enhanced drastically; the preferences and features in contemporary cars are more inclusive and upgraded than previous.
Buyers, at present, take substantial time and research online in terms of purchasing cars from different platforms. They compare prices, resale value, ratings, comfort level, designs and consider beyond conventional car brand options.
Financing a car is now feasible and popular because buying a car through total hard cash is now outdated. Dealers sell more than 70% of vehicles through finances and loans. Banks also play a crucial part in sanctioning car loans, no pre-payment charges and a smooth car buying process.
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