The current scenario in automobile industry showcases a great demand for used cars in India. On comparing them with new cars, graph appears to shift more towards used cars in India. That is because; people now have more clarity in terms of used cars market. Today, this business is getting shaped into a structured format with major players conceptualising well organised platforms to carry out their operations.
In India, a major section of the population prefers used cars over new ones. If we look into a scenario in which a nearly new car is compared with its same version in absolutely new car category, definitely the choice will bend towards the used one. This is because; the second hand car is already loaded with the same features and functions and its price is also less than the new version. In such a case, a person will always go for the pre-owned version.
With a great demand generating in used cars market of automobile industry, the new cars market has taken a back seat. Due to more awareness amongst people about every latest trend in used cars market, this sector of automobile industry is booming at a fast pace.
Initially, only private dealers used to participate in this business, but now things have changed. More and more companies are showing interest in this segment after identifying a huge potential to be explored in this industry.
Shriram Automall India Limited, a 100% subsidiary of Shriram Transport Finance Company, facilitates various platforms for the trade of used cars in India. Its platforms include Physical Bidding, Online Bidding, One Stop Classified and Private Treaty. Under the physical bidding platform, it has constructed various Automall across India where live bidding of used cars takes place. Through online bidding, it has marked a substantial presence on World Wide Web through which it reaches a huge number of target audience.
The demand for used cars in India generally generates from the younger section of the society. The youth mostly goes for used cars in order to fulfill their desire for premium brands in automobile industry that are heavy on pocket for them. One of the reasons for this preference is their learning time of driving. For learning, no body prefers a new car as there are more chances of accidents.
Apart from them, there are various families in India which cannot afford a new car. A second hand version in cars comes to their rescue in such a scenario. A car is a must these days. With growing family, it becomes difficult to travel on two-wheelers.
Acquisition of a used car in India has become so easy these days. It is true that a huge risk is involved in such deals but with the incorporation of organised platforms, this kind of trade has eliminated every risk. Now the deals are so transparent that hardly any scope for discrepancy occurs. People can actually enjoy a tension free ride after they purchase a used car. If the scenario continues to be the same in long run, the market for used cars in India is surely going to witness a golden era in future.