Indian Economy News

Maruti Suzuki, Hyundai, and Honda are the ‘most-trusted’ brands among used car buyers

A used-car retailing platform, Spinny has released its Q1 2023 quarterly report, which offers some fascinating insights into the Indian used-car market. According to it, the top three used cars being sold in the nation are the Hyundai Creta, Maruti Suzuki Baleno, and Renault Kwid. It also claims that the top markets with the highest demand for used cars are Bengaluru, Delhi-NCR, and Hyderabad.

Maruti Suzuki, Hyundai, and Honda are the top three vehicle companies in terms of brand popularity among consumers. According to the report, buyers of used cars preferred silver more than any other shade. The company also disclosed that while hatchbacks remain the most popular vehicles, the demand for Sport Utility Vehicles (SUVs) is rising among consumers.

In its quarterly report, Spinny revealed another finding that 36% of its overall customers from January-March of this year were female. As per the report, flexible financing options, rapid digitalization, a rise in the need for personal mobility, lower ownership costs, etc., were the key growth drivers that led to 67% of corporate professionals purchasing used cars in Q1 2023.

According to Spinny, the growth rate in Q1 2023 was twice as great as it was in the corresponding quarter in 2022.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.