Last month we told you that Autoportal India has partnered with spare parts vertical Boodmo to be a one-stop destination for auto aficionados and four-wheeler owners. And now, taking a step further ahead, it has forayed into the 'Used Car' sales territory. Autoportal India had already been a pioneer in 'New Car' sales with several collaborations with leading automakers and average monthly volumes around 2200 units. As per several studies, the Indian used car market is expected to surpass the new car sales with volumes around 9 million by 2020.
The primary factors attributing to this unprecedented growth of 'Used Car' market can be seen as affordability, ease of paperwork and credibility. Predominantly, first-time buyers, nowadays, are more interested in getting their hands on a used car rather than a new car. Moreover, the used cars are always budget-friendly as compared to new cars, and there are a plethora of options available. Hence, currently the sales ratio of used car and new car is 3:1, i.e. for every new car sold, three used cars are sold in the Indian market. And, by 2020, it is expected to exceed further on as this industry is growing at a rate of 15 percent, which is almost double the growth of new car industry.
Going deep into the stats, it was revealed that over 55 percent of used car market lies in non-metros, while the rest of 45 percent share is captured by metro cities. Quite astounding that, non-metro cities have outnumbered metro cities as far as used car market is concerned. The used car operations have started all across the nation, covering almost every state and union territory. All the latest models of almost every OEM, including luxury and ultra-luxury automakers, would be available for sale after various quality check-ups to ensure customer satisfaction and module of trust.