The report highlights substantial growth in the urban used luxury car market, particularly among young Indian car buyers. Delhi is at the forefront of this trend, followed by Bengaluru and Mumbai.
Key Highlights
A recent report on car buying trends by retail platform Spinny reveals that 67% of buyers in India are first-time buyers, with 30% of them being women. The report provides insights into the June’24-August’24 period and highlights a significant rise in first-time car buyers. The compact SUV segment has shown the highest growth, with a 12% increase over the last quarter.
The data indicates that 83% of car buyers have a preference for petrol cars, while only 12% opt for diesel cars and 5% choose compressed natural gas (CNG) models. The report also highlights a significant increase in customer reliance on financing methods, with a 60% rise in buyers opting for car finance.
The report indicates a notable increase in hub deliveries, with 82% of purchasers selecting hub pickup over home delivery when buying vehicles from the platform. This marks a 7% rise in hub deliveries compared to the previous quarter.
Addressing the recent trends, Niraj Singh, Founder and CEO of Spinny, said, “It’s interesting how our dynamic nation continues to evolve every quarter with its diverse tastes, keeping us excited and encouraging us to enhance our services.”
There has been a notable shift towards manual transmissions, with 76% of buyers choosing manual over automatic, compared to 70% in the previous quarter. Conversely, the preference for automatic transmissions has decreased to 24% from 30%.
The increase in hub deliveries and the surge in customer reliance on financing methods provide insights into the evolving consumer behavior and preferences. It’s fascinating to see how these trends reflect the dynamic nature of the Indian automotive market and how it continues to adapt to the diverse tastes of consumers.ELCTRIK Speaks
