When 30-year-old Vishal Gupta de-cided to buy an SUV, he went in for a pre-owned one instead of a new one. “I always wished to have an SUV. But when I started scouting for the one, I found it had a waiting period of 13 months. I had no issues with ownig a pre-owned one. Luckily, I got the one at a great price,” says Gupta. Vishal is one of the many youngsters who don’t mind preferring a pre-owned car to a new one. Between 2016 and 2020, the sale of pre-owned cars witnessed a continuous increase before falling a bit in 2021 on account of Covid-19. In 2020, 4.2 million used cars were sold across India, compared to 4 million and 3.8 million in 2019 and 2018, respectively. This was 50 per cent higher than the new-car sales figure at 2.8 million. The forecast of future growth of sales of preowned cars is bright. According to Redseer management consultancy firm, by FY 26, the pre-owned car sales are expected to reach 8.3 million units, at a healthy CAGR of 11%.
There have been several factors that have fuelled the growth of pre-owned car market, including lowering of the vehicle replacement cycle from 6 years to 4 years, increasing penetration of used car financing, the semiconductor chip shortages for new cars, and an underpenetrated passenger vehicle market.
Diese Geschichte stammt aus der August 2022-Ausgabe von Entrepreneur magazine.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der August 2022-Ausgabe von Entrepreneur magazine.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
How To Ask Family For Money
Your friends-and-family fundraising round doesn't have to be scary and awkward. Here's advice from one of the world's leading investors.
Data Breach Drama: When Trust Turns Costly In A Digital Age
Amid data breaches surges, Indian businesses are prone to financial and reputational fallout. Can cyber insurance emerge as a safeguard?
THE TERRAIN TAMER
Spearheading a California-based, Series D SaaS company is no easy feat. It requires a blend of ownership, innovation, and the ability to handle stress. But Anand Jain, co-founder and chief product officer of Clever Tap, finds his calm by escaping to rough terrain whenever he gets the chance-be it India or Colombia.
THE INTELLIGENT READS
Hardika Shah founded Kinara Capital in 2011 with the mission to address the acute credit gap in the micro-small-medium-enterprises (MSME) sector in India, by providing fast and flexible business capital to small business entrepreneurs. Despite operating in highly competitive and tough market of collateral free loans, Kinara Capital has been steadily growing in Hardika's leadership. In conversation with Entrepreneur, Hardika shares insights on her favourite books.
THE CURSE OF GROWING TOO FAST
FAIRE is a platform for small businesses, but it grew big the wrong way-almost becoming a $12 billion wreck. Here's how it fixed the problem, and why you should think twice before skyrocketing.
There's No Perfect Answer
I worked the same job for 19 years. I hated it, but it paid the bills. Then, in 2017, I entertained an exciting but terrifying question: Could I be an entrepreneur? I wasn't sure, so I needed something that felt like a guarantee. I searched for signs that would feel like a big, clear \"yes!\"
Give Yourself the Gift of Time
Happy holidays! Emmy Award-winning tech expert Mario Armstrong has five recs to get more hours in the day.
How to Become a Main Street Millionaire
It started when I bought one little laundromat. Now I have a whole portfolio of small local businesses that bring in tens of millions in revenue a year. Here's why following my playbook could be your ticket to financial freedom-and saving America's local small businesses.
Want to Better Serve Your Clients? Become Them.
As a designer for brands, starting my own product company gave me a dose of humility-and it changed the way I relate to clients.
How to Succeed With Gen Z Workers
People often say that younger employees are different. But are they? We asked six business leaders what they've learned, and how their teams thrive.
