Reasons why pre-owned luxury cars are gaining momentum in India

Are you a luxury car enthusiast? Do you dream of owning a luxury car or a sports car? Owning an expensive car can be anybody’s dream, but it sometimes becomes difficult for an individual to buy vehicles with steep prices. Pre-owned luxury cars in India are slowly gaining momentum as people now have an option to buy their favorite luxury cars within their budget.

The pandemic created a multitude of challenges for various industries, and the automobile and luxury car segment also witnessed a rough period. Car Giant one of the top-class pre-owned luxury car dealers in Delhi NCR, like many dealers, is focused on cost-cutting strategies. In the middle of the pandemic, a new trend surfaced in the automobile industry. A major shift in consumer behavior patterns emerged where individuals expressed interest in investing in pre-owned luxury cars.

Luxury car enthusiasts are looking at purchasing pre-owned luxury cars, as it gives them the chance to try out different luxury car brands without shelling out a huge amount of money. In Western Europe, the UK, and the US, the market for pre-owned cars is nearly three times the size of new car volumes. In India, it's just over the new car volume. The trend projects that there is scope for the industry to grow exponentially over the coming years. Luxury cars are poised to be the fastest-growing sub-segment.

Reasons, why consumers are keen on investing in pre-owned luxury cars, are:

High preference for personal mobility

There has been a drastic decline in the use of public transport during the Covid-19 crisis. The rise in concepts of social distancing and focus on personal safety resulted in the shift of consumer demand towards personal mobility mediums. It has been observed that individuals from diverse income groups prefer alternatives regarding pricing to meet their mobility needs. This has driven the pre-owned car market to grow.

Digital integration has become key

The pre owned luxury car market is twice as big as the new car market and remains unorganized. Players usually concentrate on online lead generation, and physical sale of cars through independent organized and unorganized dealerships and the rest focuses on the (C-2-B) market. New-age auto tech platforms are taking initiative to bridge the gap between physical and digital sales. The digital platforms are hi-tech and they are backed by physical outlets offering virtual reality view, 360-degree view, detailed vehicle history, lucrative finance options, and premium after-sales services for a seamless customer experience.

Change in customer behavior & aspirations

Used luxury cars in india have gained acceptance over time as people have become aware of their vehicle’s value and conscious about their finances. . There is a better appeal for pre-owned luxury cars to economically conscious and price-sensitive customers. Young consumers who have got a taste of premium and luxury cars want to try out pre-owned luxury cars at affordable prices and fulfill their desires.

Shorter ownership period

The period of car ownership, over the past 10 years has considerably reduced from 6-8 years to four years and is expected to decrease further. The factors for contraction of periods are intermittent launching, fast-changing needs, etc. So the pre-owned car market has consequently witnessed a flood of well-maintained, relatively newer used cars. The customers find the cars lucrative and affordable as they require few repairs and fixing and they are almost brand new.

Better After-Sales Services

A pre-owned luxurious vehicle usually goes through a chain of multi-factor inspections and is well maintained. These multi-factor check-ups are executed by an individual who is a certified technician and gives his reviews after a thorough check-up of the vehicles.

The rising demand for the pre-owned luxury cars market has led consumers to look at reliable car dealers. Car Giant offers superior quality pre-owned luxury vehicles at affordable prices. Car Giant is here to assist you with a wide range of hand-selected pre-owned luxury cars belonging to premium brands. Our team will help you to cruise away with your dream car!