Digital Drives Greater Demand for Used Cars from Spinny
Wednesday, May 19, 2021 4:00PM IST (10:30AM GMT)
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Spinny - Rising demand for preowned cars
New Delhi, Delhi, India:
Rising demand for preowned cars in the Rs 4 lakh to Rs 6 lakh price range
Spinny, India’s leading used-car platform, has witnessed rising demand for preowned cars through its contactless digital modes. As a full-stack used-car platform, Spinny sold 9,100-plus used cars till 2020, with a 38% referral purchase rate. More than 70% of used cars are purchased by those under 40 years.
Out of the 1,200 used cars sold each month since January 2021, 70% have been via home test drives and deliveries – a testimony to the trust in the quality of its cars and the information available online. 80% of used cars in Bangalore were sold via home drives. While almost 70% are first-time car buyers who earlier relied on public transport and shared cabs, more than 20% of car buyers have been women. The ownership cycles too have gone down; leading to new cars coming into the pre-owned vehicle market. For example, as per a Times of India report, used cars in Delhi and NCR are the cheapest as well as see new vehicles more, since the average ownership period has dropped from 7 to 4 years.