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TN used car market records 80% jump in sales till June 2023: CARS24

Pre-owned vehicle sale, purchase, and financing platform provider CARS24 said it has witnessed a noteworthy transformation in used car market in TN, with practicality taking precedence over luxury

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Press Trust of India Chennai

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Pre-owned vehicle sale, purchase, and financing platform provider CARS24 on Tuesday said it has witnessed a noteworthy transformation in the used car market in Tamil Nadu, with practicality taking precedence over luxury.
The southern state was also witnessing a significant rise in demand for used cars with an 80 per cent surge in sales recorded during the first 6 months of the year.
While popular models from automaker Maruti Suzuki India Ltd remain long-standing favorites, customers in Tamil Nadu were exploring better options including hatchbacks Renault Kwid, Volkswagen Polo, and mid-size sedan Honda City.
"These models have captivated the attention of local car buyers, signifying an evolution in their preferences and a departure from conventional choices," CARS24 said in a statement here.
Maruti Suzuki continues its strong presence in Tamil Nadu with its popular hatchback Alto800 standing out as the preferred model during the first six-month period of 2023.
Tamil Nadu's car market is undergoing a noteworthy transformation with practicality taking precedence over luxury, the statement said.
CARS24 Co-founder Gajendra Jangid said, "The notable increase in used car sales is a positive indicator of the changing automobile landscape in Tamil Nadu."

"Consumers are becoming more discerning in their choices, considering not only affordability but also the long-term value and practicality of owning a used car," he said.
The shift in car preferences reflects the desires of Tamil Nadu buyers, who prioritize practicality and seek vehicles that cater to their daily commuting needs while ensuring comfort and reliability for their families, the company said.
The financing of cars was also witnessing a surge as buyers prefer convenience in realizing car ownership.
CARS24 has introduced a zero down payment option, further streamlining the purchase process, he said and added that the average age of people preferring to buy a used car through finance cars was at 32 years.
CARS24 said it has reported sales worth Rs 222 crore during the first six months of the year significantly contributing to the exponential growth in the used car sales.
"This (surge in sales) could be due to various factors such as changing preferences, desire to own newer models with advanced features, or the availability of attractive financing options," the statement said.
CARS24 currently has a presence in over 150 cities across India. In Tamil Nadu, it is present in Chennai, Coimbatore, Madurai, Tiruchirappalli, Salem, Thanjavur, Pollachi, Cuddalore, Hosur, Tirunelveli, Tiruppur, and neighbouring Puducherry.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 22 2023 | 10:02 PM IST

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