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Second Hand Car Market Boost After Lockdown.

ByJatin Soni

May 27, 2020
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In a lockdown scenario:

Corona, including India, has created a complexion and cry all over the world. People are waiting to open the lockdown. The industry sectors are in bad shape. The shortage of money has started due to cash plus. However, during this period of economic hardship, people who were planning to buy vehicles would now prefer to keep the money in check. Knowledgeable people believe that most of the people who were considering buying a new car would like to buy second-hand cars. This means that lockdown can speed up the market with second-hand cars.

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About the dealing of different companies:

Knowledgeable people believe that in the next 3-4 years the sales of second-hand cars in the country are estimated to be a major boost. Tell us that automaker companies sell cars themselves even seconds. Maruti Suzuki and Hyundai motor India which sell their cars only again. While Mahindra’s first choice wheels and Toyota u trust is selling brands of cars. Many companies consider this a profitable deal. They hope that a good part of the business after lockdown can come from the sale of second-hand cars.

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According to a report:

FCA India President and MD Partha Dutta said in times to come, there will be a large number of people who would abandon public vehicles and turn to private vehicles. He said that the number of cars was very small, depending on the total population of the country. At the same time, the most effective virus has been caused by the applied lockdown. Because of this hard time, increased sales for second-hand cars may come up with a good sign. He said two-wheeler and certified car will boom the market.
The MD and CEO of Mahindra’s first choice wheels told Ashutosh Pandey that second-hand car markets could emerge from the current crisis in the coming months. He said in upcoming times customers can do down trading to save money. The auto sector will probably have the best investment in cars already used. He said that even two-wheeler customers can pick up upgrade cars. So, the success of old cars also depends on new cars, as there are many customers who exchange their vehicles.

by google

Situations between the lockdown :

  1. The condition of the economy is bad people do not have money, i.e. people will not buy a car
  2. People will not like to travel in a public vehicle, like be seated in a uber cab, they will be afraid who is corona patient sit there before him and also not travel in the metro and also not travel in a bus in such circumstances people like to buy a personal vehicle will increase the car’s sale
    So what’s the best alternative is the second – hand car market people who have less money and also wish to have a car those can buy a car. The ladies of the house who used to come from the bus, auto, cab till now would also like to go with a personal vehicle. The so that driving will also have an effect on the school and even have a second-hand sale
    Listen to the news of COVID-19 Corona: Being stuck in lockdown for 1 month, remember before buying anything in the market, they would prefer to buy only the cars of the company who trustworthy.
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Trusted more than talk:

Customers will like a personal vehicle because like a rule that more than 2 people will travel in a car and odd and rules will take several things to open lockdown in this way so that people will not create more crowds on the road. Maybe the rules of running in the metros, busses, trains are new. Those who used to go by less than 100 to 200 trains, with a family vehicle, they would now like to go by a personal vehicle, the people would avoid coming in touch with others and this is the reason why the demand for the small car will be the fastest.

by google

Lockdown affected in our life :

The lockdown has definitely affected our daily lives, social distancing is set to become the new normal at least for the next few months. In order to understand the changing consumer sentiments, purchasing behavior, and commuting preferences in the post COVID world, we at CARS24 conducted a research study using various digital platforms. Based on the same study we earlier published a report charting the potential impact of the coronavirus on car purchases in India. According to it, a huge chunk of the Indian population might prefer to buy used cars instead of new cars post the lockdown.

by google

The lockdown has altered many habits of people across the globe and lifestyle change is one of them. Health and safety will be the top priority for Indian masses as they prefer to use more their own vehicles and less of public transport for commuting once the lockdown is lifted. They’ve also turned out to be more economically conscious owing to the huge dip in the economy as a direct impact of the coronavirus lockdown which has left most businesses shut for 40 days and counting. A budget cut when purchasing is definitely on the card in many households due to financial constraints.

Best deals:

According to the report, ‘Family needs and risk of the infection‘ emerged as the major reason for consumers to buy cars in the post-Covidworld. Also, 46 percent of the consumers have registered a reduction in their overall budgets. In such a situation, buying a brand new car can be a stressful ordeal.

by google

Buying a car was still a priority as 53 percent of the masses are likely to buy one in the next 6 months due to a lack of trust in the safety of public transport, the change in purchase preference is clearly visible. Before the outbreak of COVID-19, 40% of the subjects were willing to purchase a new car as opposed to 60% who were interested in buying a used car. However, after the spread of the pandemic and keeping in mind the monetary cuts, those who were willing to buy a new car decreased to a mere 31% and those interested in used cars increased by 9%.

by google

Therefore it is plain to see that 22.5% of the consumers who were planning to buy a new car last year would now prefer to buy pre-owned cars because of the limited budgets and a plummeting economy.

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