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Business News/ Auto News / Maruti Suzuki, Hyundai and Honda are ‘most-trusted’ brands among used car buyers: More details inside
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Maruti Suzuki, Hyundai and Honda are ‘most-trusted’ brands among used car buyers: More details inside

According to Spinny quarterly report, Hyundai Creta, Maruti Suzuki Baleno and Renault Kwid are the top-three selling used vehicles in the country.

Unlike some of the popular marketplaces for used cars, Spinny buys cars from sellers and holds them till the sale is made. Premium
Unlike some of the popular marketplaces for used cars, Spinny buys cars from sellers and holds them till the sale is made.

Spinny, a used-car retailing platform has released its quarterly report for Q1, 2023. The report shares some interesting insights about the used-car market in India. According to it, Hyundai Creta, Maruti Suzuki Baleno and Renault Kwid are the top-three selling used vehicles in the country. It also states that Bengaluru, Delhi-NCR and Hyderabad are top markets with maximum demand for used cars.

As per Spinny quarterly results, a total of 65% of its buyers were first-time car buyers in the first quarter of 2023. The percentage was 60% in the same quarter last year. 

In terms of popularity of brands, Maruti Suzuki, Hyundai and Honda are the top-three preferred car companies among the users. As per the report, Silver was the most popular colour choice among used-car buyers. It was followed by Grey and Red, respectively.

The company also revealed the hatchback continues to be the most preferred, there is a growing demand for SUVs among the buyers.

Another interesting insight shared by Spinny in its quarterly report is that 36% of its total buyers between January to March this year were women. It noted that 67% of corporate professionals bought used cars in Q1 2023 with easy financing options, rapid digitalisation, an increased need for personal mobility, lesser cost of ownership, etc. acting as major growth drivers.

Spinny says that the growth rate in Q1, 2023 was twice as high as the same quarter in 2022. The demand reportedly surged during Holi when the company sold an average of 200 cars daily.  While the delivery figure was 450 at the peak of Navratri. The figure stood at 314 on the day of Akshay Trithiya.

Niraj Singh, Founder & CEO, Spinny said: “The used-cars market is growing at a steady rate and this marked shift in customer behaviour can be sizably attributed to the trust customers have in Spinny’s offerings and services. We know that a car is a special purchase for a home and our endeavour is to go far and make it special for each customer.’"

 

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Published: 24 May 2023, 01:12 PM IST
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