R ARIVANANTHAM
CHENNAI, AUG 22
Pre owned vehicle sale, purchase, and financing platform provider CARS24 on Tuesday said it has witnessed a noteworthy transformation in the used car market in Tamil Nadu, with practicality taking precedence over luxury. The company has set a new benchmark in used car sales segment and stands No. 2 position in the nation, said its Co-Founder Gajendra Jangid here.
The southern state was also witnessing a significant rise in demand for used cars with an 80 per cent surge in sales recorded during the first 6 months of the current year.
- CARS24 sets a new benchmark in used car sales segment, ranks No. 2 position, says Gajendra Jangid, Co-Founder
- TN used car market records 80% jump in sales till June 2023
- TN people sold old cars worth Rs 222 crores in the first half of 2023 through CARS24 platform
- The company offers Zero down payment loan facility to its customers at a competitive rate of interest. It also offers loans for used cars for the tenure of up 84 months.
- The company may think of providing interest rate cut for women and senior citizens.
Talking to media on CARS24’s expansion plans in Tamil Nadu, he said, “The notable increase in used car sales is a positive indicator of the changing automobile landscape in Tamil Nadu. Consumers are becoming more discerning in their choices, considering not only affordability but also the long-term value and practicality of owning a used car.”
Jangid further said, “Recent data from CARS24 provides intriguing insights into the evolving used car market in Tamil Nadu. Chennai, in particular, showcases a strong affinity for Maruti Alto 800 and other Suzuki models, with over 17K test drives booked, predominantly for Suzuki models. The average age of buyers is 35 years. This shows a clear picture of the young demographic shaping this evolving landscape. TN people sold old cars worth Rs 222 crores in the first half of 2023 through CARS24 platform and hopes to transact more cars ahead of festival season during the second half of the current financial year.’’
The current trend of replacing cars within a few years has significantly contributed to this exponential growth. This could be due to various factors such as changing preferences, the desire to own newer models with advanced features, or the availability of attractive financing options. As a result, 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, he added.
With a strong presence in more than 150 plus cities across India, CARS24 is playing a pivotal role in reshaping the future of car sales and ownership, as the automobile industry embraces emerging trends and technologies.
CARS24, operates across 12 cities in Tamil Nadu, including Chennai, Coimbatore, Madurai, Tiruchirappalli, Salem, Thanjavur, Pollachi, Cuddalore, Hosur, Tirunelveli, Pondicherry and Tiruppur has made a substantial impact in the region.
This extensive reach of CARS24 has firmly established CARS24 as the go-to destination for both car enthusiasts and sellers, catalyzing a significant transformation in the landscape of pre-owned vehicle transactions. The company’s pioneering entry in 2017 marked a pivotal moment for Tamil Nadu and Chennai’s automobile market, and its unwavering dedication to delivering superior service and exceptional value has earned it an unparalleled reputation in the industry.
During the first half of 2023-24, Tamil Nadu experienced a noteworthy 80 percent surge in sales of pre-owned cars, indicating a growing preference for second-hand vehicles. As the favored option among car enthusiasts in the state, CARS24 remains at the forefront, setting benchmarks in the industry by prioritizing innovation, customer contentment, and market dominance.
In Chennai, the capital of the state, there’s a notable increase in used car sales. This rise can be attributed to a transparent and efficient buying process, highlighting the benefits of intelligent car ownership of CARS24.
People are recognizing that used cars are cost-effective, convenient, and easily accessible. This change in trend indicates a shift in attitudes towards car ownership, with more people recognizing the value offered by the pre-owned car market.
Finance offers from CARS24
CARS24 is also a Fintech company offers Zero down payment loan facility to its customers at a competitive rate of interest. It also offers loans for used cars for the tenure of up to 84 months (7 years). He also said that the company may think of providing interest rate cut for women and senior citizens.
Replying to a query, Jangid said that market for used EV and CNG cars are very minimal, as the new cars have been introduced in the market only for the last three years, he added.
Dinesh, Business Head, Chennai area was also present at the press conference.
