NEW DELHI: In 2024, India witnessed a surge in the used car market, with an impressive 76 per cent of Spinny customers being first-time buyers. This marks a notable increase from the 73 per cent recorded in 2023, as revealed in the annual report by the renowned company specializing in the sale and purchase of pre-owned vehicles.
Women Buyers on the Rise
One of the standout findings from the report is the increasing presence of women buyers, now accounting for 26 per cent of Spinny’s customer base. This demographic has shown a consistent upward trend, with 60 per cent of women preferring automatic hatchbacks and 18 per cent leaning towards compact SUVs. The shift towards more women entering the used car market signifies a changing landscape and evolving preferences among buyers.
Shifting Car Models Preferences
The report also highlighted a shift in the top three preferred car models in 2024. While the Renault Kwid maintained its position as the favorite choice, the Hyundai Grand i10 continued to hold its ground. Interestingly, the Baleno lost its spot to the Maruti Suzuki Swift, which secured a spot in the top three. This change in preferences showcases the dynamic nature of consumer choices and the competitive landscape within the industry.
Dominance of Hatchbacks and Compact SUVs
Hatchbacks remained the most sought-after category in the used car market, underscoring the popularity of compact, budget-friendly vehicles. Additionally, compact SUVs witnessed a significant 20 per cent growth in sales, driven by their spacious interiors, performance, and the allure of a “big car” feel. Models like the Ford EcoSport continued to be customer favorites, reflecting the demand for versatile and practical vehicles.
Market Trends and Customer Demographics
The data also revealed that petrol vehicles continued to dominate the market, comprising 82 per cent of all sales. Diesel cars saw a decline to 12 per cent, while CNG and electric vehicles (EVs) maintained a steady share of 4 per cent and 2 per cent, respectively. Furthermore, the average age of customers decreased from 34 years in 2023 to 32 years in 2024, indicating a growing appeal to younger buyers. Notably, there was a trend of customers upgrading their vehicles, with 22 per cent opting for an upgrade compared to 12 per cent in the previous year.
In conclusion, major cities like Bangalore, Delhi NCR, and Hyderabad emerged as the key contributors to Spinny’s sales, solidifying their position as crucial markets for the company. Niraj Singh, the founder and CEO of Spinny, reflected on the year-end trends, expressing gratitude for the growth and success achieved over the years. As Spinny continues to evolve and cater to the diverse needs of its customers, the future looks promising for the used car industry in India.
Now, imagine yourself stepping into the driver’s seat of a brand-new car for the very first time. The fresh scent of leather, the thrill of hitting the open road, the sense of freedom that comes with owning your own vehicle. For many first-time used car buyers in India, this experience has become a reality, with a remarkable 76 per cent of Spinny customers falling into this category in 2024. From women buyers shaping the market to the evolving preferences for hatchbacks and compact SUVs, the landscape of the used car industry is undergoing a transformative shift. As we delve deeper into the insights revealed by Spinny’s annual report, we uncover a tapestry of trends that paint a vivid picture of the changing dynamics and demographics of the market. Whether you’re a seasoned car enthusiast or a casual observer, the story of India’s burgeoning used car market offers a glimpse into the diverse tastes and preferences driving the industry forward. So, buckle up and join us on this journey through the world of first-time used car buyers, where each mile brings us closer to understanding the pulse of a rapidly evolving market.
