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Summary of the 2024 Indian Used Car Market Report

Core Content

The 2024 Indian Used Car Market Report, published by CARS24 and Team-BHP, provides a comprehensive overview of the current and projected state of the used car market in India. It highlights the increasing preference for pre-owned vehicles, the evolving buyer preferences, and the impact of digital tools on the purchasing process. The report also delves into regional trends, popular car models, resale value dynamics, and financing behaviors.

Main Trends and Insights

1. Market Growth and Preference Shift

• Used Car Market Growth: Expected to grow from 4.6 million units in CY23 to 10.8 million units in CY30, with a CAGR of 13%.
• New Car Market Growth: Projected to increase from 4.1 million to 6.3 million units, with a CAGR of 7.3%.
• Preference Shift: The used car market is growing faster than the new car market, with a ratio of 1.3:1 in CY24 and projected to reach 1.7:1 by CY30.

2. Buyer Behavior and Motivations

• FTBs Dominance: First-time car buyers (FTBs) account for 56% of all buyers.
• Key Motivations:
  • Family Milestones: 17% of buyers are influenced by events like marriage or growing families.
  • Additional Car Needs: 15% of buyers purchase additional cars, indicating a rise in multi-car households.
  • Personal Mobility: 12% prioritize personal mobility over public transport, especially post-pandemic.
  • Promotions and Upgrades: 12% upgrade from two-wheelers to cars due to job promotions or allowances.
  • Urban Convenience: 12% prefer smaller cars for urban ease and individual needs.

3. Research and Decision-Making

• Digital Research: Used car platforms and apps are the primary sources for research, with 56% using social media and 53% using YouTube.
• Online Reviews and Recommendations: 50% rely on online reviews, and 42% on recommendations from family and friends.
• Traditional Sources: Online news apps (39%) and used car dealers (48%) still play a role, but digital tools dominate.

4. Regional Demand

• Top States:
  • Delhi: 13.8% of used car sales, driven by registration costs and traffic.
  • Uttar Pradesh: 11.7%, due to expanding road infrastructure.
  • Karnataka: 10%, fueled by tech-savvy professionals and trust in online platforms.
  • Telangana: 5.4%, and West Bengal: 3.1% also show significant activity.

5. Popular Car Models

• Top Models:
  • Maruti Swift (Overall and Metro Cities)
  • Hyundai i10 (Overall and Non-Metro Cities)
  • Honda City (Overall)
  • Swift Dzire and Wagon R are also in high demand.

6. Resale Value Analysis

• Hatchbacks: Offer the best resale value, especially in the early years of ownership.
• SUVs: Retain the highest resale value during the first three years due to their popularity and versatility.
• Top Models with Best Resale Value:
  • Santro, Tiago NRG, Wagon R, Elite i20, and Swift are highlighted for their consistent demand and value retention.

7. Body Type Preferences

• Hatchbacks: Maintain the highest resale value, with a declining market share from 57% in 2022 to 53.4% in 2024.
• Sedans: Slight drop in market share from 25.3% to 24.4%, but still preferred for comfort and style.
• SUVs: Market share increased from 12.6% to 16.7%, driven by their design, versatility, and appeal in both urban and rural settings.

8. Fuel Type Preferences

• Petrol: Remains the most preferred fuel type (52% to 56% of buyers), due to affordability and urban suitability.
• CNG: Grew from 5.7% to 6.2%, appealing to budget-conscious buyers.
• Diesel: Declined from 40.7% to 36.5%, due to fuel price changes and maintenance costs.
• EVs: Showed a 5X increase in adoption (0.08% to 0.43%), led by Maharashtra, Karnataka, and Delhi due to incentives and charging infrastructure.

9. Car Colors

• Silver: Most popular, chosen by 30% of buyers.
• White: Second most popular, valued for elegance and ease of maintenance.
• Red: Third, preferred for its bold and stylish appeal.

10. Transmission Preferences

• Automatic Transmission: Grew in popularity, driven by convenience, ease of driving, and improved fuel efficiency in newer models.

11. Popular Features

• Sunroof/Moonroof: 20% of buyers prioritize this feature.
• Infotainment System: 17% of buyers seek smart driving experiences.
• Rear AC Vents: 17% of buyers value enhanced passenger comfort.
• Alloy Wheels: 13% of buyers prefer style and performance.

12. Safety Preferences

• Safety Filters: 39% of buyers engage with safety filters, selecting options based on NCAP ratings, airbags, and other safety features.
• NCAP Rating: 17-19% of safety filter users prioritize this.
• Airbags: 17-21% of users focus on basic safety essentials.
• ABS and Rear Parking Sensors: 10-13% of users consider these features.

13. Financing Trends

• Used Car Financing: Increased from 15% in 2017 to 23% in 2024, showing growing consumer confidence and accessibility.
• New Car Financing: Rose from 60.4% in 2010 to 84.2% in 2024, indicating a mature market.
• Financing Penetration: Still lower in the used car segment compared to new cars, suggesting untapped potential.

Key Information

• Market Maturity: The rise in ASP (Average Selling Price) reflects a more mature market where buyers prioritize performance, safety, and technology.
• Affordability Gap: The price difference between new and used cars has widened, making used cars a more attractive option for budget-conscious buyers.
• Digital Dominance: Online platforms and apps are becoming the primary tools for car research, with social media and YouTube leading the way.
• Sustainability Shift: EV adoption is increasing, driven by government incentives and improved infrastructure.

Conclusion

The 2024 Indian Used Car Market Report underscores a significant shift in consumer behavior, with a growing preference for used cars over new ones. The market is becoming more digital, with buyers prioritizing affordability, reliability, and features like safety, comfort, and technology. Regional variations and evolving preferences are shaping the landscape, and financing is playing a key role in making used cars more accessible. As the market continues to mature, the focus on value, sustainability, and convenience is expected to drive further growth and transformation.