This festive season India 87 percent of car buyers opted for petrol vehicles, as per a report by CARS24. The inclination towards petrol cars was primarily driven by their lower initial costs and diminished service and maintenance expenses.
Additionally, regulations allow petrol cars to remain on the road for 15 years, enjoying a 5-year longer extension compared to their diesel counterparts, which was more appealing for ownership, showed the report.
Loans worth Rs 4.7 crore disbursed every day in festive season
During the festive season, spanning from Onam to Diwali, a unique financial trend emerged as loans amounting to Rs 4.7 crore were disbursed on average daily with maximum applications from young salaried professionals under 35 years of age.
CARS24 processed more than 500 loan applications daily, with a used car loan getting disbursed every 10 minutes. Tier 2 cities have shown a higher intent for financing with 7 out of 10 cars getting financed, showed the report.
The most financed car brands were Maruti and Hyundai and maximum loans were disbursed for Hyundai Grand i10.
There was a 15% increase in women actively seeking
car loans and subsequently purchasing vehicles.
Cars worth Rs 1,760 crore sold in festive season
According to CARS24, the festive quarter unveiled an impressive surge in Indians embracing new and innovative methods to sell their used cars. Spanning from Onam to Diwali, the nation collectively sold cars worth Rs 1760 crore on CARS24.
While people in Delhi sold the most cars amongst metro markets, Lucknow saw maximum people selling their cars from metropolitan markets followed by Pune, and Ahmedabad.
The cheapest cars sold to CARS24 was a Maruti 800 and Maruti Zen while the most expensive car was a Mercedes Benz E Class.
Hatchbacks Reign, SUVs gather pace
The report further highlighted that hatchbacks accounted for 65% of the total sales share. Popular models like the Swift, Baleno, Grand i10, Alto, and Kwid gained significant traction, particularly among first-time car buyers transitioning from two-wheelers. Notably, Maruti Suzuki continued to dominate as the preferred brand.
Simultaneously, SUVs witnessed a surge in popularity due to their newfound affordability, now aligning with the price points traditionally associated with hatchbacks.
This shift has broadened possibilities for buyers, allowing them to enjoy the spaciousness, robust features, and adventurous appeal of an SUV without exceeding the budget set for a hatchback. The resulting affordability factor has reshaped the market landscape, making SUVs an attractive choice for a wider range of consumers seeking the versatility and elevated driving experience offered by these vehicles.
The blend of pricing boundaries between SUVs and hatchbacks added an exciting dimension to the market this season. Some high in demand options included Maruti Vitara Brezza, Ford Ecosport, Maruti Ertiga, Hyundai Creta and Tata Nexon.
The most expensive car bought during this season was a Ford Endeavour! Despite the fact that Ford is no longer in India, its high end models remain popular among car buyers.