Used car automobile sector is at boom

Having a four-wheeler parked in the garage is something that everyone desires to have. However, caught in the everyday needs, it doesn’t seem easy and convenient to make the big purchase with savings alone. On the other hand, as having a four-wheeler in today’s life is not a luxury, but a necessity. Thus, individuals keep looking for some alternative options and this is the reason why second-hand automobile sector is booming at a fast pace.

On the contrary, in the process of buying a vehicle, you always lack some knowledge, despite a lot of queries being asked. That’s probably because you rely on someone’s personal experience rather than going through your own research. From choosing the right vehicle to opting for used car finance option, you rely on other’s experience and suggestion, not considering the budget and the mechanical integrity you have set your heart on.

As the used car industry is booming and is getting organised, it doesn’t makes sense to compromise on the choice of the vehicle. There are certain factors responsible for the rapid growth of the sector, which is expected to cross $65 billion by 2022.

Here are the key factors:

1. Shorter-ownership cycles – Thanks to increasing urbanisation and lifestyle upgradation, today the ownership cycle for a used car has dropped to just 4 years on average from 7-8 years earlier. Frequent technology and advance features updates have only added to the number of units in the market, leading to a successful boom of the used car sector.
2. Finance availability – Earlier, no financer wanted to put their hands in second-hand vehicle finance sector, but as the scenario has changed, and so does the finance sector as well. Therefore, today, it is easier to sign in for used car finance option without any hassle.
3. Quality assurance – We Indians are extremely conscious in investing even in the smallest things like clothes until we are assured of the quality. So, when it comes to investing in second-hand vehicle purchase, the concern truly stands for. With several used car finance options available on digital platform, some dealers also provide quality assurance certificate, making buyers to trust even high-mileage cars.
4. Increased reliability – With the emergence of internet, several organized players have stepped into the industry. This has increased the buyer’s confidence and reliability towards buying a second hand car from a trusted dealer.
5. Greater acceptance – Gone are the days when riding a second-hand vehicle was considered a taboo in the society and was not accepted with the arms wide opened. However, in the recent years, the scenario has changed people’s perspective towards buying used four-wheelers and now has got a wider acceptance among the masses. In fact, people now prefer second-hand four-wheeler, instead of putting a good amount for the new vehicle purchase.