Online classified company Quikr said resale value of medium to premium segment cars fell faster compared to entry segment cars. An average of 20 days is the time taken to sell a used car across different brands and price segments.
In a report, Quikr said, about 80 per cent of cars in India are bought on loan and hence resale value is a significant factor in a consumer’s purchasing decision. Brands like Chevrolet, Honda, Hyundai and Maruti Suzuki showed a typical resale lifespan of 5-6 years. However, Hyundai cars are resalable for a longer period from the year of make. Maruti Suzuki and Hyundai emerged as the most resale friendly brands, taking the least time to be sold compared with other more common brands found in the market.
The report further revealed that the used cars priced between Rs 1-2 lakhs had the highest demand, while 90 per cent of the car buyers have shown interest in used cars below Rs 5 lakh in resale value.
Pranay Chulet, Founder & CEO, Quikr said, “We see that cars is one of our most popular categories and the appetite for used cars in the Indian market is growing at a fast pace. We are excited about the growth of this category and will continue to focus on providing our users with the simplest, easiest-to-use platform to buy and sell cars.”
Quikr carried out the research based on the online data created by the ads posted by its consumers in the last one year in the car category. Four brands of cars with the most number of ads on average were picked for some of the in-depth research. These were Chevrolet, Honda, Hyundai and Maruti. Visibly, having different price belts, these brands also form a price segregation of sorts. The cars included in the survey were a maximum of 10 years old.