Used cars business pegged at 71 lakh by FY25: Mahindra FirstChoice ANI | Updated: Apr 21, 2021 17:32 IST
It said the size of used-car industry is expected to be 90 per cent larger than the size of new-car industry in terms of volumes in the next three years.
The used-car volume estimated for FY21 is 39 lakh units which is 7 per cent lower than 2020 on account of COVID-19-related lockdown.
The de-growth, however, is far lower than the new-car industry which is estimated to de-grow between 35 to 40 per cent in the same time period. The pandemic has catapulted the used car to new car ratio by over two times. This is the first time in history that this ratio has crossed the 2x mark, said the report.