With the fear of Covid stalking every heart, all of us are trying to do anything and everything to avoid going to any place where there is a crowd. And using public transport has become a big risk.
And that in turns means many, who had never thought of buying a car might actually do that in these times. But with money being sparse and the need to conserve whatever cash you can, many experts say that used cars or ‘second-hand’ cars as we call it could see a major surge in demand.
Crisil in fact put out a note stating that given the toll on people’s personal finances and businesses, not a lot of people will prefer spending money on news ones and might opt for used vehicles to address their personal mobility needs.
Sales in the segment is expected to rise at least 20% in the coming months as two-wheeler users look to upgrade to cars. Maruti Suzuki, which operates in the pre-owned segment through its True Value brand said that the economic slump and tepid customer sentiment will have a positive rub off on the used-car sector.
The popular models in the segment range from Maruti’s affordable hatchbacks such as WagonR and Alto, to Toyota’s sports utility vehicle Fortuner, and Honda’s sedan Accord, according to Droom - an online marketplace to buy and sell automobiles. There are even several takers for second-hand luxury brands such as BMW and Mercedes!
So that’s the silver lining for this sector!