Used car market to overtake new vehicles biz: MFCWL official

: The used car market in the country is expected to reach between 6.7 million cars per year to 7.2 million cars per year by 2022, a top official of Mahindra First Choice Wheels (MFCWL), a certified used car company said on Wednesday.

The current slowdown notwithstanding, it is expected that the used car market would become almost double the size of the new car market in the next five years, assistant vice- president (franchisee operation) of MFCW, Sunil Nayak said.

Speaking at the inauguration of a new MCFWL outlet here, Nayak said the total number of outlets in South reached 177 and was moving to 200-plus by 2019-20.

The used car market has seen a steady growth in the past year. We feel the advantage of pricing that used car buyers get over a new car has made it a great option for many first-time car buyers who are increasingly attracted toward buying used cars," said zonal head Franchisee Operations (South) MFCWL, Vipul Jain.