CARS24 has released its Future of Mobility 2022 Report which is a culmination of interesting insights presenting a macro view of the pan-India used car buyer base, their purchasing behaviors and the evolving trends.

The first edition of CARS24’s report reveals and sheds light on the progressive gender shifts, the rise of upcoming metro markets, growing preference towards pre-owned vehicles and a cumulative upswing in pre-owned car buyers opting for financing. 

Speaking about the report, Kunal Mundra, CEO India, CARS24 said, “The accelerated growth of the Indian pre-owned car ecosystem has witnessed a record e-commerce adoption leading to an unprecedented impact on the consumer. Today, the Indian pre-owned car buyer isn’t restricted by gender, limited by finances or confined to the metros. More importantly, this growing accessibility has opened doors for many Indians to fulfil the dream of owning a car. 

CARS24, with its tremendous scale and reach across the country, is well-positioned to better understand the evolving pre-owned car buyer, and this first edition of Future of Mobility Report just does that. With a comprehensive look at how the pre-owned car buying space is evolving and the fascinating consumption insights behind it, we’re sure the Future of Mobility report will make for a very interesting read.”

The highlights from the report also indicate sale of used cars to soar further in the country as used car buyers now have access to seamless financing. 76% of millennials availed financing for buying their pre-owned cars with the average loan size of INR3.5 lacs. Interestingly, with easy options like a 0% down payment on car financing, the loan disbursements in 2022 are expected to increase three-fold.

Another interesting finding remains ‘condition of the car’ as the most important factor for used car buyers. Today, quality cars along with trust, website reliability and an honest and transparent purchase process are the top significant elements considered by potential used car buyers while making the final purchasing decision.

The report is an outcome of an in-depth study for used car buyers in the year 2020-21 that highlights multiple intriguing key points. The study also shows Delhi NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, and Ahmedabad were the biggest shopaholics for pre-owned cars. While the majority of buyers are young males, there has been an uptake in the number of women used car buyers clocking an impressive growth of 80%.