Second-hand car prices have dropped 15 to 25 per cent following the imposition of stringent Supreme Court norms over repossessing and selling cars of owners defaulting on their loans. The rules, which has extended the repossession and selling process to three months against 24 hours earlier, has already seen lenders turn away 15 per cent of those who approach them for loans. This has not only impacted new car sales but also prompted second-hand car dealers to push sales at lower prices rather than build up costly inventory. Repossessed cars account for about a quarter of second-hand car sales. But the good news is that second hand car prices are crashing .
4 mths ago
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