New Delhi, January 7
In a showcase of enthusiasm for used cars, a significant 76 percent of customers in 2024 were first-time buyers, used car platform Spinny observed in its annual report. The annual report added that this year’s sales witnessed a jump of 3 percent from the previous year’s figure of 73 percent.
On its platform, women buyers now represent 26 percent of the total customer base, with the absolute number of women buyers growing steadily each year. Among them, 60 percent prefer automatic hatchbacks, while 18 percent prefer compact SUVs, the report added.
The top three preferred car models saw a shift in 2024.
Renault Kwid continues to be the hot favourite and Hyundai Grand i10 maintained its dominance, while Maruti Suzuki Swift entered the top three, replacing the Baleno.Hatchbacks continue to be the most preferred category across, reflecting a growing preference for compact, value-driven vehicles, the report added.
Addressing the year-end trends, Niraj Singh, Founder and CEO of Spinny, shared, “From delivering our first car in 2015 to over 2 lakh stories by the end of 2024, it has been a humbling journey. This growth fuels our passion to continue offering the service and experience to our customers as we move forward.
The compact SUV segment has seen a 20 percent growth, with models like the EcoSport continuing to reign supreme, while the appeal of compact SUVs, combining space and performance with the “big car” appeal, continues to rise, as per the report.
Petrol remains the dominant fuel type, accounting for 82 percent. Diesel vehicles have declined to 12 percent, while CNG and electric vehicles (EVs) hold steady at 4 percent and 2 percent, respectively.
The data revealed that the average age of customers has dropped to 32 years from 34 last year, indicating an appeal to younger buyers who are looking for a reliable and easy car-buying experience.
Customers are increasingly opting for an upgrade, as 22 percent of customers opted for an upgrade, compared to 12 percent in 2023.
According to the report, about 56 percent of customers chose financing options to facilitate their car purchases, with 60 percent of these customers falling within the 25-30 age group, an indication of growing reliance on financing., especially among younger buyers. For the platform, major cities such as Bangalore, Delhi NCR, and Hyderabad remained the top contributors to the sales, the annual report added.
