Millennials redefining pre-owned auto industry: Report

Hyderabad: Car Crazed Millennials and Gen Z are looking at micro-investing, mutual funds and crypto as part of their future investment portfolio to be able to own a car, where 60 per cent millennials bought a used car registering a growth of 71 per cent YoY, while GenZ grew by 57 per cent, reveals 'Driving Change' Report by CARS24, e-commerce platform for pre-owned cars.

Gajendra Jangid, Co-founder and CMO, CARS24, said: "We are proud to commemorate 75 years of Independence with our 'Driving Change' report. Through this report, we want to offer a glimpse of trends from the pre-owned car industry that continues to shape our nation and steer it towards a brighter future."

Report further reveals that, Women buyers grew by an impressive 80 per cent and are expected to outgrow men buyers in the near future. 76 per cent millennias availed car financing to buy their next pre-owned car and the average loan size was Rs3.5 lakhs across age groups. Interestingly, zero per cent down payment also emerges as an attractive pull factor for many to opt for car financing.

Upcoming metro cities and towns are firing up e-commerce pre-owned car sales. Tier 2 and 3 cities have accounted for over half of the total used car sales in India with first time car buyers leading the demand for pre-owned cars in these markets.