• The automotive market in India is growing at a rapid rate with a growth of 14.78% observed in the previous fiscal year.
• Manufacturers thoroughly revise their model line-up every year with updates/facelifts for existing cars in intervals of 2 years or less.
• Data Experts estimate that your old car resale value drops by almost 30% when you move from one year to the next.
2019 is just around the corner. Along with a brand new year, comes a brand new set of opportunities and experiences to witness. However, before we jump to the new year, we must first make full use of the opportunities in our hand currently. Along with the new year, a massive wave of fresh consumer products will hit the market boldly flaunting their 2019 Manufacture Date. The strongest influence of this badge will be on rapidly advancing segments such as gadgets or more importantly, the world of cars.
The Automobile industry is one of the strongest and fastest developing consumer segments in the Indian market. It holds a staggering 7.1% share in the country’s GDP which is a very significant number. In the 2017-2018 fiscal year, the industry registered a growth of a whopping 14.78% in terms of sale figures compared to the previous! These numbers are only expected to be higher at the end of the current fiscal. Both foreign, as well as domestic, are pumping a lot of investments and resources into the market and the results are showing quite visibly in the numbers.
So what do the above-mentioned factors influence? The primary effect is seen in the form of changing market trends. Manufacturers are putting in increased investments into this sector as a virtue of the indulgence and participation shown by the people. They’re responding to the people’s participation by actively updating their product range. Be it new car launches, frequent updates to existing cars or active incorporation of newer technology, car makers are giving it their all in recent times. As per the trends observed in this decade, an existing car in the market receives a significant face-lift/ update or a brand new model in as frequently as 3 years or lesser.
The direct impact this trend has is on your old car value. When manufacturers launch a new car or updated model into the market, the demand for the existing variant naturally goes down. This drastically affects your old car price. In the case of 2019 in particular, several manufacturers have a promising line-up pre-planned which are set to hit the market in the 1st quarter of 2019 itself. Even if that fact is put aside, the concept of manufacturing year plays a very major role here. As per our data experts, your old car’s value can drop by up to 30% for every year that is added to its age. The summation of all these factors implies that moving from December 2018 to January 2019, your old car resale value is going to get hit by the maximum possible amount it can for the next 365 days.
2018 is at its brink but still has another few days left. So act swiftly and sell your car to CARS24. You will be able to sell your old car in the fastest method in precisely one visit. Visit CARS24 now and you will be able to successfully mitigate the consequences of a year being added to your car’s age. Adding to that, we take full responsibility of the RC transfer and take care of all paperwork involved so that you stay in total peace of mind. All you need to do is visit any of our branches, get your car inspected for free and have it sold. We also transfer the payment to your account instantly.