The automotive market in India is one of the fastest growing markets in the world and is ranked sixth largest worldwide. India currently has an annual car sale of approximately 5 million cars, out of which 3 million are passenger cars and the rest are for commercial purposes.
With the demand for cars on the rise, the pre-owned car market also is on the boom. Consumers in India now realize that they need used car in Bangalore.
The used car market in Bangalore was mostly unorganized till about fifteen years ago. Buying and selling of pre-owned cars used to take place between consumers (C2C Model) and at times from local dealers. Most neighborhoods still have local dealers. This changed and the market started to become organized with the entry of Maruti into the used car industry with the launch of their pre-owned cars brand Maruti True Value, which was the first, organized used car dealer in the market.
In India, the ratio of sales of new cars to old cars is 1:1 which means for every new car sold, there is a used car sold. Lately with a hit on the sales of new cars due to the economic slowdown and the increase in disposable income, the used car market has seen an increase in sales and is expected to grow at a steady pace in the next few years.
Used cars that are available in the market these days are much more reliable with the improvement in technology which offer more reliable parts, better servicing and various warranties/assurances provided by the sellers.
The organized sector of the pre-owned car market has made various efforts into making sure all the transactions are transparent while ensuring that the prices are reasonable for both, the buyers and the sellers.