CARS24, the leading AutoTech company specializing in pre-owned vehicles in India, released its highly anticipated DriveTime Quarterly Report, offering valuable insights into the second quarter of 2023. The report reveals a remarkable surge in demand for pre-owned cars throughout the country during April to June.

Notably, CARS24 witnessed a significant 87 percent increase in sales compared to the same period in 2022. The platform achieved a remarkable milestone, with individuals selling cars worth INR 1,800 crores to CARS24, highlighting the trust Indian buyers place in innovative car-buying and selling platforms.

The growing preference for affordability and value among customers, along with flexible financing options and extended warranties, has made used cars a practical and attractive choice. The convenience of online marketplaces and digital platforms for buying and selling pre-owned vehicles has further enhanced the overall car-buying experience. With the ease of purchasing cars online, complete with financing and delivery options, the process has become more convenient than ever before. The DriveTime Quarterly report delves into key trends and parameters of car buying behavior across the country.

As per a press release, Gajendra Jangid, Co-Founder of CARS24, expressed enthusiasm about the growing customer preference for used cars in the current quarter. He revealed that people were selling an impressive 30 cars every 60 minutes on the platform during this quarter alone. This upward trend reflects a larger market movement that is reshaping the automotive landscape in India.

Several factors have contributed to this rapid growth, including changing consumer preferences, favorable government initiatives, the increasing need for personal mobility, expanded inventory levels, the desire to upgrade to newer vehicle generations, comprehensive warranty options, and a customer-centric focus on digitalization. The combination of these factors has propelled the second-hand car market to new heights in India, and CARS24 is honored to lead the way in this transformative revolution.

Love at First Drive: Over 2,00,000 Test Drives in a Car Buying Frenzy!

In the second quarter of 2023, car enthusiasts across India booked an astounding 2 lakh test drives at CARS24. Around 80 percent of buyers visited CARS24 yards to test drive cars from various manufacturers without the need to hop from showroom to showroom. The remaining 20 percent opted for home test drives. This surge in test drives signifies a growing interest in car ownership and a willingness to explore a wide range of options.

While online car shopping has gained popularity, the allure of a test drive remains strong, reaffirming the importance of experiencing a vehicle firsthand.

Indians Embrace Innovative Approaches: Used Car Sales Worth INR 1800+ Crores!

CARS24’s DriveTime Quarterly Report for the second quarter revealed a remarkable surge in Indians embracing innovative approaches to sell their used cars. The platform facilitated sales of cars worth over INR 1800 crores during this period, showcasing the open-mindedness and trust of Indian buyers in CARS24’s exceptional services.

The trend of replacing cars within a few years has significantly contributed to this growth, driven by changing preferences, desire for newer models with advanced features, and attractive financing options. More people are choosing to sell their used cars, creating a vibrant market for platforms like CARS24 that offer convenience, trust, and a streamlined selling process.
Maruti Suzuki Leads the Pack: Swift, WagonR, and Baleno Drive the Used Car Craze!

In the second quarter of 2023, Maruti Suzuki continued its dominance in the used car market on the CARS24 platform. Maruti hatchbacks, particularly the Swift, WagonR, and Baleno, emerged as the most coveted choices among buyers. Maruti’s remarkable performance accounted for an impressive 38 percent of total cars sold in Q2, with a noteworthy concentration of buyers coming from non-metro cities.

Following Maruti’s lead, Hyundai, Honda, and Renault also showcased commendable performances. In the realm of emerging brands, Toyota experienced a significant surge in market share in Q2 2023, resonating with buyers who prioritize engineering excellence, safety innovations, and fuel efficiency.

Hatchbacks Still Reign Supreme, but Sedans Make a Classy Comeback!

Hatchbacks continued to dominate the roads, capturing an astounding 62 percent of total sales in the second quarter of 2023. Their versatility, fuel efficiency, and compact design make them the preferred choice for urban dwellers, families, and adventure enthusiasts.

While hatchbacks continue to excel, sedans made a notable resurgence in the market during Q2, accounting for 19 percent of total sales on the platform. Sedans attract discerning drivers seeking a balance of comfort, performance, and prestige with their sophisticated designs, luxurious interiors, and cutting-edge features.

Non-Metro Cities Thrive: Pune and Ahmedabad Lead Pre-Owned Car Sales!

Non-metro cities challenged the dominance of metros in pre-owned car purchases, with Pune and Ahmedabad experiencing a surge in sales. These cities witnessed a notable increase in car deliveries, with the Maruti Swift and Hyundai Grand i10 being top choices among buyers.
This demonstrates the significant contribution of non-metro cities to the automotive market, with other cities like Kochi, Chandigarh, Patna, Lucknow, Jaipur, Surat, New Delhi, Bangalore, Hyderabad, and Kolkata also playing crucial roles in increasing used car sales.

CARS24 Financial Services: 100% YoY Growth in Car Financing, INR 2,000 Crore in Loans Disbursed!
CARS24 Financial Services Pvt Ltd (CFSPL) achieved a remarkable feat in the second quarter of 2023, witnessing an exceptional 100 percent year-on-year increase in loan disbursements. The total loan disbursement since its inception surpassed INR 2,000 crores. This achievement not only turns the dreams of car enthusiasts into reality but also solidifies CARS24’s position as an unmatched industry leader.

Expanding Footprint: CARS24 Now Present in 150+ Cities in India!

CARS24 has further expanded its presence, now operating in over 150 cities across India. The newly added cities include Berhampur, Balasore, Dibrugarh, Jorhat, Udupi, Darbhanga, Ratlam, Dewas, Katni, Godhra, Surendranagar, Thodupuzha, Nadiad, Ambala, Tirur, Chandrapur, Kalol, Davangere, Thanjavur, Kashipur, Dharwad, Rajahmundry, Nellore, Kakinada, Palakkad, Tirupati, Karimnagar, Puri, Bilaspur, Pollachi, Akola, Chitradurga, Warangal, Hassan, Shimoga, Cuddalore, Parassala, Sitapur, Haldwani, Jaunpur, Asansol, Kasaragod, Sikar, Malappuram, Hardoi, Azamgarh, Baghpat, Muzaffarnagar, Alappuzha, and Jalgaon, among others.