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Millennials, Gen Z driving the market

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There is an increased preference amongst millennials and Gen Z buyers for used cars. Younger buyers, who account for 80% of the buyers’ base in India, are helping feed the growing field of app- and web-based channels.

 

There is an increasing preference for used cars amongst millennials and Gen Z buyers, according to a new report by Cars24, the e-commerce platform for pre-owned vehicles, carried out in partnership with research firm Ipsos.



“After an unprecedented year that saw record e-commerce adoption across the board, online car buying has proved to be one of the hottest trends of the year. The frequency of an individual upgrading his/her car through a complete end-to-end online platform has substantially increased, as nearly 40% of the respondents said they will prefer to buy their next car online,” the report noted.



Highlights from the report included increased preference amongst millennials and Gen Z buyers for used cars. “Younger buyers, who account for 80% of the buyers’ base in India, are helping feed the growing field of app- and web-based channels. The rise in new-vehicle prices and lifestyle changes due to the pandemic as well as emergence of online players are the major factors contributing to this shift,” the report noted.

While the majority of car buyers are young males, there has been an uptake in the number of women used-car buyers also. From an industry average of 10% last year, their number has increased by 50%; it is likely to further increase in the near future.

The report highlighted that amongst used-car buyers, the most preferred body type is hatchbacks (43% willing to buy), followed by SUVs (26% willing to buy). Additionally, the demand for petrol engines is also high amongst buyers.

An interesting finding is ‘condition of the car’, which has emerged as the most important factor for used-car buyers. “Quality cars along with trust, website reliability and honest and transparent purchase process are the significant elements considered by potential used-car buyers while making the final purchasing decision,” the report noted.

Kunal Mundra, CEO, Cars India, Cars24, said, “Through this report, we have identified some interesting trends and we will continue to build a gold standard for quality used cars in India and deliver best-in-class customer experience. Our dream is to continue to fulfil the dreams of many Indians of owning a car by transforming the customer journey.”

Cars24 recently launch seven company-owned refurbishment centres called the Mega Refurbishment Labs (MRLs). These will be set up across 35 acres of land in top Indian metro cities of Delhi NCR, Mumbai, Bangalore, Ahmedabad, Chennai, Hyderabad and Pune. Around 20,000 cars per month will be refurbished at these MRLs and upwards of 1,500 auto experts jobs will be created.

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