The second hand car market is gaining in importance with buyers queuing up to make their purchases. In a survey which was conducted in all major cities of India it was found that out of 85,000 second hand cars of various brands purchased over the past three years Hyundai, Honda and Maruti were among the most popular brands. For every Honda car sold there were 3 cars of Hyundai and 5 cars of Maruti which were picked up in the used car market.
Where Maruti cars were concerned, it was found that Swift and Alto models were most in demand. Hyundai Santro and Hyundai Accent, City and Verna were also numbered among the most sought after second hand cars. The survey was conducted in Mumbai, Delhi, Bangalore, Hyderabad, Cochin and Kolkata and covered both hatchbacks and sedans in the used car market. The study also revealed that Rs.30,000 to Rs.50,000 can be saved while buying a 1 year old hatchback while Rs.50,000 to Rs.70,000 can be saved while purchasing a 1 year old sedan. Cost of a second hand hatchback can range from Rs. 2.5 to Rs.5 lakhs while prices of a second hand sedan will range from Rs.4 to Rs 9 lakhs.
Satya Prabhakar, Chief Executive Officer of Sulekha.com said that there has been in increase of 35% of buyers of second hand cars on this site in the last one year. This only indicates the changing mindset of people where the used car markets are concerned. Cost saving is of prime importance when it comes to purchasing used cars in India. Second hand car buyers in the past two years increased from 35% in 2009 to 50% in 2010 to 60% in 2011. This steady increase in buyers only indicates the growing dependability and trust that people have put into the second hand car markets.
A survey conducted on the used car market showed that while purchasing a second hand hatchback one could save from Rs.30 to 50 thousand and while purchasing a second hand sedan one could save between Rs.50 to 70 thousand. Maruti second hand hatchbacks have much less erosion when taking all other hatchbacks from various auto companies into account. One can purchase a 2 year old second hand Maruti hatchback for 25% less on the value of a new one while a 3 year old model will be offered to you at 30 to 40% less on the price of a new one. 6 to 7 year old Hyundai and Honda sedans will be available for 50% of the value of a new car. It is interesting to note that the buyers’ segment for cars older than 2 years has increased from 35% in 2009 to 50% in 2010 to 60% in 2011.