The used car market in India has grown along with the new car market. Now there are more and more used cars available sales as there are more people ready to sell them. People prefer to change their cars frequently bringing in more used cars to the market.
The used car market is gaining importance now as many people have money to spend but not enough to buy a brand new car. Another reason for the sector's growth is many first time car buyers now prefer to buy a used car t test their driving skills rather than buying anew one. Major carmakers continue their turf war in the used car market too.
Maruti Suzuki and Hyundai are the most visible brands in the used car market. A Maruti Suzuki used car is preferred by buyers for its low price, low maintenance costs and decent mileage. A used Hyundai car is liked for its low price and design.
A used car dealer has said five out of ten cars he sells will either be a Maruti or a Hyundai. The most popular used Maruti car is the Swift followed by the Alto. When it comes to Hyundai, the most popular is the Santro and the Accent.
Another notable feature of the used car market is that you can get a car that is no longer available in the market. Models that are popular but no longer sold in showrooms such as the Toyota Qualis, Maruti Suzuki Esteem, Baleno, Gypsy, Fiat Palia, Skoda Octavia and Fiat Padmini.
A one year old used car is about Rs.50,000 to Rs.1 lakh cheaper than a new one. A used car is no longer considered to be cheap and useless. It provides a person an opportunity to own a car at a price which is very reasonable. A used hatchback can be bought for anywhere between Rs.2 lakhs to Rs.5 lakhs while a used sedan's price will range between Rs.4 lakhs to Rs.7 lakhs.