Used Cars Outpace New: India’s Pre-Owned Market Explodes

India’s pre-owned car market roared past new car sales in 2024, with a staggering 54 lakh used vehicles finding new owners. This surpasses the 4.1 million new cars sold during the same period.

Several factors fueled this unprecedented growth. The widening price gap between new and used cars is a major contributor. Buyers are increasingly opting for cost-effective alternatives.

Stricter emission norms have also played a significant role, pushing up the prices of new models and making used cars a more attractive option.

The emergence of organised online platforms has further streamlined the resale process. These platforms offer greater transparency and ease of transaction, boosting consumer confidence.

This surge in the used car market reflects a significant shift in consumer behaviour. It underscores the growing importance of affordability and accessibility in the Indian automobile sector. The government’s upcoming policies on vehicle scrappage and emission standards will further shape this dynamic market, impacting both buyers and sellers in the years to come.