Used cars market expected to reach 6.7 to 7.2 million units by 2022: Report

PV sales in India advanced by 2.7% to 3.3 million units in FY19

Demand for pre-owned cars remained strong in the financial year 2018-19 (FY19), crossing the 4-million unit mark, even as sales of new cars were in slow lane, according to a report.

The used cars segment is expected reach 6.7 to 7.2 million cars per year and be valued at Rs 50,000 crore by FY22, according to IndianBlue Book, the pricing and valuation arm of Mahindra FirstChoice Wheels (MFCW), the pre-owned unit of Mahindra and Mahindra.

The used car market is now 1.2 times the size of the new car market, according to the third edition of the report on IndianBlue Book.

Passenger vehicle