India Records Massive Jump in Used Car Sales, Inventory Worth Rs 1,250 Crore Sold
1 year, 9 months ago

India Records Massive Jump in Used Car Sales, Inventory Worth Rs 1,250 Crore Sold

News 18  

There has been a considerable increase in demand for used cars across the country. The Drive Time Quarterly Report by CARS24 showed that the company recorded a massive jump in the sale of pre-owned cars from January to March this year, registering a 100 percent jump in sales compared to the figure in January to March 2022. Commenting on the recent trend, Gajendra Jangid, Co-Founder of the company, stated, “With the resumption of work from the office and the importance of personal mobility, the second-hand car market is experiencing remarkable growth across India. Our observation of this emerging trend has us excited to embark on this journey with our customers and revolutionise the way India approaches the used car market.” The report also brought to light some interesting trends. According to the Drive Time Quarterly Report, Indians spend an average of three hours browsing cars online before making their purchase.

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History of this topic

Taxing times: Used cars platforms headed for a bumpy ride on GST hike
3 weeks, 1 day ago

Taxing times: Used cars platforms headed for a bumpy ride on GST hike

Live Mint  

Bengaluru: After cruising at a double-digit growth rate over the past five years since the pandemic, India’s used cars platforms seem to be headed for a bumpy ride following the government’s decision to levy higher taxes on their margins on the sale of small cars. The Goods and Services Tax Council on Saturday decided to increase taxes on the margins …

Explained in numbers: Why the government wants to tax old cars more
3 weeks, 2 days ago

Explained in numbers: Why the government wants to tax old cars more

India Today  

The Goods and Services Tax Council's decision to levy an 18 per cent tax on the sale of all old and used vehicles, including electric vehicles, has taken the nation by storm. Also, the average growth rate for the used cars market between FY2017 and FY2022 was six per cent, which is expected to jump to 16 per cent between …

Mint Quick Edit | Car sales seem stuck in second gear
Trending News
1 month ago

Mint Quick Edit | Car sales seem stuck in second gear

Live Mint  

Close on the heels of a surprisingly weak gross domestic product growth reading, automobile sales data, seen as a an important indicator of economic activity in India, has spelt another round of disappointment. Retail sales of passenger vehicles in November fell 14% from a year earlier, according to data issued by the Federation of Automobile Dealers Associations on Monday. This …

Passenger vehicle sales slide in November as stock pile-up in showrooms persists
1 month ago

Passenger vehicle sales slide in November as stock pile-up in showrooms persists

Live Mint  

New Delhi: Retail sales of passenger vehicles fell 13.72% year-on-year in November, reflecting subdued post-festive demand and lingering inventory challenges, according to data released by the Federation of Automobile Dealers Associations on Monday. Overall retail sales of vehicles across categories rose more than 11% to 32,08,719 units in November, from 28,85,317 units a year ago, lifted by a near 16% …

Auto Retail Sales Up 11.21 PC in Nov on Robust 2-Wheeler Demand
Trending News
1 month ago

Auto Retail Sales Up 11.21 PC in Nov on Robust 2-Wheeler Demand

Deccan Chronicle  

Pune: Retail sales of automobiles in India jumped 11.21 per cent on year to 32,08,719 units in November, riding on robust two-wheeler demand, Federation of Automobile Dealers Associations or FADA said on Monday. Sales of two-wheelers soared 15.8 per cent to 26,15,953 units last month, as against 22,58,970 units in November 2023. FADA said the commercial vehicles sales also dropped …

Surge in demand for 'young' used cars outpaces supply, drives prices north
7 months, 3 weeks ago

Surge in demand for 'young' used cars outpaces supply, drives prices north

Business Standard  

A surge in demand for "young" pre-owned vehicles is outpacing supply and driving up prices by 8-10 per cent annually, said auto industry insiders. This trend, coupled with a growing preference for SUVs in both new and used car segments, is expected to boost the organised used car market, which is expected to reach a 45 per cent share within …

Two-wheeler sales yet to reach pre-Covid 19 levels, says auto industry body
9 months ago

Two-wheeler sales yet to reach pre-Covid 19 levels, says auto industry body

Hindustan Times  

Passenger vehicles wholesales in India have touched a record high of 42,18,746 units in the financial year 2023-24, registering a year-on-year growth of 8.4 per cent, industry body Society of Indian Automobile Manufacturers said. The vehicle sales across the categories surged by 12.5 per cent to 2,38,53,463 units in the period under review On the other hand, the overall passenger …

India's used car market size to touch USD 100 billion-mark by 2034: CARS24 CEO
10 months, 1 week ago

India's used car market size to touch USD 100 billion-mark by 2034: CARS24 CEO

Hindustan Times  

As per the findings of the Gurugram-based online used car marketplace, there are changes in market dynamics with customers opting for frequent upgrades when it comes to cars. HT Image "According to our internal study, the anticipated growth of the Indian used car market is set to occur at a 15 per cent CAGR, increasing from USD 25 billion in …

Here Is How You Can Start Your Second Hand Car Business In India
1 year, 10 months ago

Here Is How You Can Start Your Second Hand Car Business In India

News 18  

The demand for used cars in India is rising in India due to the increasing prices of new cars as well as the higher interest rates charged by banks on auto loans. This article covers every aspect of opening a used car showroom, from conducting market studies to managing the business. Creating a blueprint Making a decision about the company …

EMI for 6 Years A Preferred Choice for Salaried Car Buyers: Report
2 years ago

EMI for 6 Years A Preferred Choice for Salaried Car Buyers: Report

News 18  

Owning a personal car is an aspiration for many who commute daily for work or otherwise. According to a latest report, more Indians preferred getting their cars financed in 2022 even as the average budget increased by 30%. The India Mileage report 2022 report by CARS24 added that more millennials shopped for cars in 2022, majority buyers are under 35 …

Automobile retail sales soar to record high in Nov: FADA
2 years, 1 month ago

Automobile retail sales soar to record high in Nov: FADA

Deccan Chronicle  

New Delhi: Automobile retail sales in India clocked best-ever performance last month aided by robust registrations across segments including passenger vehicles, two-wheelers and commercial vehicles, automobile dealer' body FADA said on Friday. The overall automobile retail sales rose by 26 per cent to 23,80,465 units last month, as compared with 18,93,647 units in November 2021. Passenger vehicle retail sales rose …

Passenger Vehicle Wholesales Zoom 92 Per Cent In September On Festive Season Demand
2 years, 3 months ago

Passenger Vehicle Wholesales Zoom 92 Per Cent In September On Festive Season Demand

ABP News  

Passenger vehicle wholesales in India rose 92 per cent to 3,07,389 units last month, as compared to the same month last year, riding on the back of strong festive season demand, auto industry body Society of Indian Automobile Manufacturers said on Thursday. According to the latest data by the Society of Indian Automobile Manufacturers, two-wheeler sales also rose 13 per …

Auto retail sales in India rose 11% in Sept; better outlook for Oct: Report
2 years, 3 months ago

Auto retail sales in India rose 11% in Sept; better outlook for Oct: Report

Hindustan Times  

The Federation Of Automobile Dealers Associations said on Tuesday that automobile retail sales in the country rose 11% last month as better supplies from manufacturers enabled dealers to ramp up customer deliveries amid the festive season. Maruti Suzuki India led the passenger vehicle segment with retails of 1,03,912 units in September as compared to 99,276 units in the year-ago period. …

Volvo plans to expand used car business in India by early 2024, says official
2 years, 3 months ago

Volvo plans to expand used car business in India by early 2024, says official

Hindustan Times  

In India, demand for second hand cars is on the rise. An evidence of this is a recent report-- prepared by Indian Bluebook and Das Welt Auto – which has estimated that the second hand and old cars market in the country is set to increase by nearly 20 per cent by 2026-27. Now, looking at the growth of this …

Automobile retail sales in India rise 8.31% in August: FADA
2 years, 4 months ago

Automobile retail sales in India rise 8.31% in August: FADA

India TV News  

Retail sales of automobiles in India grew 8.31 per cent in August this year on the back of increase in registrations of vehicles across all major segments, automobile dealers' body FADA said on Thursday. Two-wheeler retail sales also grew by 8.52 per cent at 10,74,266 units in August 2022 as against 9,89,969 units in the same month last year, it …

India's EV Sector All Charged Up to Go The Distance, But Speed Bumps Remain
2 years, 4 months ago

India's EV Sector All Charged Up to Go The Distance, But Speed Bumps Remain

News 18  

There is little doubt about India’s electric vehicle segment being the most popular and happening sector in its automobile landscape. That is perhaps why in a recent media interaction, Maruti Suzuki chairman RC Bhargava advocated for incentivising the use of alternative technologies such as hybrid, CNG, ethanol, and biogas for producing small, affordable cars so that consumers in the “Bharat …

Passenger vehicle sales rise by 11% in July as chip supply improves
2 years, 5 months ago

Passenger vehicle sales rise by 11% in July as chip supply improves

Firstpost  

Passenger vehicle wholesales rose to 2,93,865 units in July 2022 as compared to 2,64,442 units recorded in July 2021. New Delhi: Passenger vehicle dispatches to dealers in India rose by 11 per cent year-on-year in July 2022 helped by improvement in semiconductor supplies, as per data released by automobile manufacturing body SIAM on Friday. Utility vehicle wholesales grew by 11 …

Automobile retail sales in India dropped 8% in July because of this reason: Report
2 years, 5 months ago

Automobile retail sales in India dropped 8% in July because of this reason: Report

Hindustan Times  

Automobile retail sales in the country dropped 8% in July this year on lower registrations of passenger vehicles, two-wheelers and tractors. Last month, passenger vehicle retail sales witnessed a drop of 5% at 2,50,972 units compared to 2,63,238 units in the year-ago period. According to data released by the Federation of Automobile Dealers Associations on August 4, overall automobile sales …

Indians Bought 61 Thousand Lesser Cars Compared to Last Fiscal, Two-Wheeler Sales Dropped by More than 20 Lakh Units
3 years, 9 months ago

Indians Bought 61 Thousand Lesser Cars Compared to Last Fiscal, Two-Wheeler Sales Dropped by More than 20 Lakh Units

News 18  

Passenger vehicle sales in India declined by over two per cent in the 2020-21 fiscal as the Covid-19 pandemic has put brakes on the sector which has already been witnessing a structural slowdown over the last few years, industry body SIAM said. Similarly, total two-wheeler dispatches during the last fiscal by companies to their respective dealer partners declined by 13.19 …

Passenger Vehicle Sales in India Rise by 13.6% in December, Over 2.53 Lakh Units Sold
3 years, 11 months ago

Passenger Vehicle Sales in India Rise by 13.6% in December, Over 2.53 Lakh Units Sold

News 18  

Sale of passenger vehicles increased by 13.59 per cent in December 2020, according to data from the Society of Indian Automobile Manufacturers. A total of 2.53 lakh passenger vehicles were sold last month compared to over 2.22 lakh units during the same period of 2019. Two-wheeler sales also improved 7.42 per cent on a year-on-year basis to 11.28 lakh units …

Carmakers in India Report Highest Ever Sales in October 2020; Is the Worst Over for Auto Companies?
4 years, 2 months ago

Carmakers in India Report Highest Ever Sales in October 2020; Is the Worst Over for Auto Companies?

News 18  

Most of the carmakers in India have reported their highest ever sales in the month of October 2020, while other have shown positive growth. Amongst the major players, Maruti Suzuki’s total sales rose 18.9 per cent to 1,82,448 units from 1,53,435 units sold in October 2019. It reported a 13.2 per cent growth in its domestic sales compared to 50,010 …

First Time Buyers Opting Used Cars Over New Cars As Demand Rises During Pandemic: Survey
4 years, 3 months ago

First Time Buyers Opting Used Cars Over New Cars As Demand Rises During Pandemic: Survey

News 18  

Amid subdued incomes and low demand in the auto segment caused by the pandemic, leasing demand for used cars has increased in comparison to brand new vehicles, according to a recent survey. As per the survey, gender-wise used car buyers are 80 per cent male and 20 per cent female, and age wise, budget cars are preferred by consumers in …

India auto sales decline for 10th straight month, worst slump in two decades
5 years, 4 months ago

India auto sales decline for 10th straight month, worst slump in two decades

Live Mint  

Mumbai: Sales of cars and SUVs in India declined for a 10th month in August, as the worst slump in almost two decades for the country’s auto sector shows no sign of letting up. Domestic passenger vehicle sales fell for the tenth straight month in August, declining 31.57% to 1,96,524 units from 2,87,198 units in the year-ago period. Motorcycle sales …

India car sales fall 31% in July. That’s the worst monthly drop since 2000
5 years, 5 months ago

India car sales fall 31% in July. That’s the worst monthly drop since 2000

CNN  

New Delhi CNN Business — Just two years ago, India’s huge car market was booming and global players were rushing to invest. Before the slump hit, India was predicted to overtake Germany and Japan to become the world’s third largest car market by 2020 — behind only China and the United States. South Korea’s Hyundai, the No.2 player in India, …

Auto industry may further cut production amid consumption slowdown
5 years, 5 months ago

Auto industry may further cut production amid consumption slowdown

New Indian Express  

NEW DELHI: After denting the auto sector's profitability, the consumption slowdown along with the upcoming shift to BS-VI standards will further decelerate production, leading to eventual job losses. Figures from the Society of Indian Automobile Manufacturers showed that domestic passenger car sales in June went down by 24.07 per cent to 139,628 units. In all, the total sales of the …

India's April passenger cars sales down 20%
5 years, 8 months ago

India's April passenger cars sales down 20%

The Quint  

New Delhi, May 13 Passenger car sales in India declined 19.93 per cent in April as low demand along with high interest cost continued to dent purchases. Among the other sub-segments of passenger vehicles, the number of utility vehicles sold in India went down by 6.67 per cent to 73,854 units in April 2019, while 13,408 vans were sold last …

India Sells More Cars Than USA, UK Between Jan-May 2018
6 years, 6 months ago

India Sells More Cars Than USA, UK Between Jan-May 2018

ABP News  

India ranked fourth in terms of total passenger vehicle sales; China takes top spot The Indian auto market is gradually moving up ranks among the largest automotive markets in the world. In the sales release shared by SIAM for the period January 2018 to May 2018, the Indian market has registered positive growth in passenger vehicle sales and is ahead …

India Sells More Cars Than USA, UK Between Jan-May 2018
6 years, 6 months ago

India Sells More Cars Than USA, UK Between Jan-May 2018

ABP News  

India ranked fourth in terms of total passenger vehicle sales; China takes top spot The Indian auto market is gradually moving up ranks among the largest automotive markets in the world. In the sales release shared by SIAM for the period January 2018 to May 2018, the Indian market has registered positive growth in passenger vehicle sales and is ahead …

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