Nexa, the country’s largest carmaker Maruti Suzuki India (MSI), has completed five years of operation and with more than 1.1 million Nexas sold, the big news is that the days of second-hand cars have returned due to the Corona. The market for old or second hand passenger cars is improving rapidly. The market for used cars grew during the April-July period this year, a report said. At the same time, the demand for such vehicles has increased by 25 percent compared to February. According to OLX, the most sought after sedan cars in July were the consumer-to-consumer marketplace for the sale of used products. Then comes the number of SUVs and hatchbacks.
The budget for buying private vehicles has been reduced
The fourth edition of OLX’s ‘Auto Note’ states that consumers can realize that 55 percent of people surveyed said they plan to use their personal vehicle in the next six months. Non-metro will play an important role in this demand. The report said that the only reason for the increase in demand for second-hand vehicles was not only the concern over cleanliness, but also the reduction in the budget of people buying private cars. According to industry data, the market for old cars is 30 percent larger in volume than new cars.
The vehicle market is now improving
The report, however, said that concerns over cleanliness have reduced priorities in public transport, including cab services. Fifty-five percent of those surveyed said they would like to travel in their private car in the future. The number of those who said so before Covid-19 is 46 percent. OLX says the car market is improving now. Five percent of those surveyed said they would buy a car in the next three to six months.
39 percent of people have a budget of less than three lakh rupees
According to the survey, people’s preferences have changed. They want to buy an entry-level model to Covid-19 because of 2 percent of people have cut their budget to buy a car. The cost of a new car with a 39 percent budget is less than three lakh rupees. At the same time, 24 per cent of the budget is four to seven lakh rupees. For older cars, 50 per cent of the budget is less than three lakh rupees. At the same time, 20 per cent of the budget is four to seven lakh rupees. ALX and OLX Cashmaker conducted the survey between April and June. It received 3,800 views.