The second-hand car market is evolving across the country with prominent demand spikes seen in metropolitan cities such as Bangalore. The change in persona and buying preferences of car enthusiasts is also a major reason for this shift. For instance, people are more willing to buy used luxury cars than before because of trusted online used car platforms. Also, the evolving lifestyle aspirations of the young individuals, especially those working in the IT hubs have contributed to the increased demand for second-hand cars. Let’s decode how the persona of car buyers has evolved in the silicon valley of India recently.
Evolving Trends That’ve Shaped the Persona of Car Buyers in Bangalore
Here are some key trends that reflect the shift in the persona of car buyers in India in the recent years:
Increased Preference for Premium Cars
The young IT professionals across India do not want to compromise with comfort and quality. They are willing to buy second-hand luxury cars because it gives them the plush ride and comfort they require while driving in the crowded streets of many Tier 1 Indian cities. The luxury cars from BMW, Audi, Mercedes Benz, etc. are sought after because of their premium ride-quality and advanced safety features.
High Demand for Compact Cars
Among the younger generation of daily commuters, compact sedans and hatchbacks are in high demand. As a result, second hand cars in Bangalore such as the Maruti Baleno, Tata Tigor, and Tata Altroz have become increasingly popular choices.
Families Prefer SUVs
Nuclear families are preferring SUVs over other car types. This is also true for the first time car buyers who want a spacious car for their family.
Cars like Tata Nexon, Skoda Kylaq, XUV 3XO, Hyundai Venue, etc. are popular in the used car markets because they offer a great overall package in terms of ers power, mileage, luxury, and driving dynamics.
The higher ground clearance of the SUV also enables them to drive back to their native villages or cities during vacations without any issues. Urban buyers who indulge in off-roading also seek 4×4 options that come with dedicated driving modes and traction control.
Technology Savvy Buyers are Leading the Space
The second-hand car market in India has also become more organised because of the growth in the digital car selling platforms. Tech-savvy individuals want to explore their preferred car models from the comfort of their home.
Pre-owned car platforms also provide a free home test drive option to those who want to test drive a car in their home conditions. The younger generation also trusts established used car platforms more because of their transparent pricing and seamless car buying process. Services like free RC transfer and 5-day money back policy helps to generate more trust for digital pre-owned car selling/buying platforms.
Buyers Looking to Purchase a Second Car
The rapid increase in the number of vehicles in cities like Bangalore have urged the car owners to buy a second car. This is because they need a more compact car that steers comfortably through the busy traffic and can be used for daily commuting and completing the household chores.
Compact cars that come with an automatic transmission are easily available in the second-hand car markets. These cars can be easily manoeuvred in tight spaces and crowded streets without worrying about frequent gear shifts. Second hand cars are also available at a much lesser price than the brand new ones.
The initial depreciation hit taken by new cars can be avoided easily by investing in a well-maintained used car. Many established used car retail platforms offer reliable cars that go through a 200-point inspection check before being available for sale. This ensures the car buyers that they get certified cars that meet their expectations in terms of performance, fuel-efficiency, ride-quality, features, and overall condition.
Final Thoughts
These were some insights on the evolving persona and preferences of car buyers in India. The increased demand for second-hand cars both in regular and luxury car segments is one of the key drivers of this shift in the mindset of car buyers. Instead of buying a brand new car and selling it half the price after a few years, car buyers prefer to buy a well-maintained second hand car.
Digital used car platforms help them explore their favourite cars on the basis of car model, make, transmission option, fuel-type, and price range. Easy availability of used car loans is also one of the major contributors to this change. The young entrepreneurs and IT professionals want to experience the feeling of driving a premium car without spending their entire savings in one go. Instead, they prefer investing in certified second-hand cars that retain their value over the years.