Over time, the used car market in India is one which has garnered a tremendous amount of growth and development. For a very long time, people would steer clear from the idea of purchasing a used car due to their personal perceptions and also due to social stigma. But in the last decade, the used car market has seen a level of growth like nothing else. The current ratio of new car purchases to old car purchases is estimated to be 1:1.5 and is practically increasing as we speak. However, this emerging industry is still plagued by a multitude of problems and shortcomings.
The primary issue with the used car market in India is the sheer lack of organized players. Unorganized and Semi-Organized participants take up almost 53% of the total market share. C2C (Consumer to Consumer) sales take up 32% leaving the organized sector with only about 15% market share. What this leads to is a highly supply-constrained market. Even if the demand for a particular used car model exists, it is really of no use when the majority players barely have anything to cater to that audience. The participants in the unorganized sector also give strong preference to less-aged cars and popular brands with good resale value. This puts a very strong leash on the buyer’s end as they only have a very limited range of vehicle options to choose from.
How does one determine the value of a used car? In the current market scenario, no defined standards exist. This is an extension of the non-organisation levels present in the market. In the unorganized sector, values are determined by arbitrary methods. This always puts one party at the upper hand whilst the other will most certainly incur a loss. Adding to this, several malpractices also exist in the current Indian used car market, which conceals the actual problems with the car in question. Re-painting and dent removal is one of the most common practices followed for accidental vehicles to hide their damage. This is done in an attempt to make it look undamaged and get a false inflated value. It is also done in a way by which even a person with immense knowledge in this field will have a hard time detecting the foul play.
The car paperwork is something that is very commonly ignored by both used car sellers as well as buyers. In a country where a 100 rupee note is considered sufficient enough to dodge law enforcement, most people are deterred from going through the lengthy and laborious process of getting the ownership transferred. Even after the Supreme Court’s ruling that holds the registered owner liable for any mishaps that occur due to the car, a majority of the people still tend to ignore this process. This is also due to the lengthy and complicated process of getting the ownership transferred. Getting the entire procedure done can easily eat up multiple days out of your schedule. This discourages a lot of people away from the used car market on the whole.
We at CARS24 seek to rapidly fix the issues prevalent in the current used car market in India. In order to do so, we have crafted multiple processes taking into consideration, the above-mentioned discrepancies and pain points that the people have.
• We strive to fix the issue of demand and supply by aggressively focussing on the supply side of things. When the availability of used car models increases, the demand constraints automatically get tackled.
• We have conducted in excess of 1 lakh transactions over the years. This has enabled us to devise a comprehensive database and a well-defined algorithm to calculate the price of a used car. It is based on legitimate data and real-time demand of the car’s make and model.
• Our large channel of vendors and industry experts come together and bring their knowledge to the table. They all contribute in their own individual ways which allow CARS24 to determine the price of the car that is synonymous with the actual market preferences across the country.
• Apart from that, our calculations also take into consideration a plethora of factors from the physical condition to the mechanical condition of major to the manufacture year and a lot more.
• We use scientific equipment to evaluate the condition of a car, which ensures accuracy and precision.
• Our in-house experts, our retail managers, retail associates, and evaluators have an abundance of experience in the industry. They have all the requisite experience required to effectively inspect a car and provide its correct value.
• We use all these variables in order to determine the best and most apt value that a car should get.
On top of everything, selling your car to CARS24 is the breeziest experience you will get. We understand the value of your time and how precious it is. Hence we take care of all the documentation processes, most-importantly, the RC Transfer. All it takes to sell your car is precisely one visit to the nearest CARS24 branch. So book your appointment now on our website, www.cars24.com or give us a call at 1800- 258-5656.