Second hand cars boom in the country, people bought more than 35 lakh old cars

country’s second hand or used car market It may grow at a rate of 19.5 percent per annum (CAGR) till the financial year 2026-27. According to the report released on Monday, the used car market in the country is currently worth $ 23 billion. The report said that the demand for second-hand cars in small cities of the country could grow by 30 percent annually by 2026. Whereas the demand for used cars in major 40 cities of the country is estimated to increase by 10 percent annually.

According to the 5th edition of the second hand car and bike industry report for the financial year 2021-22 prepared in collaboration with Indian Bluebook and Das WeltAuto, the growth in this sector is possible due to several reasons.

This includes availability of certified cars, reduction in average tenure of ownership of cars and two wheelers due to disposable income, launch of new models within a shorter time frame, etc.

According to the report, more than 35 lakh second hand cars were sold and bought in the country during the last financial year. This figure is higher than the record figure for the financial year 2020-21. At the same time, more than 40 million second hand cars have been sold globally during the same period.

The report said that by the financial year 2026-27, the sale of second hand cars in the country can reach 8 million units. It is expected to grow at the rate of 19.5 percent per annum till the financial year 2026-27. The old car to new car ratio is estimated to reach 1.9 during this period.

Get the latest more news updates about Automobiles