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Business

Updated on: Friday, December 03, 2021, 01:53 PM IST

Millennials and Gen Z used car buyers prefer to shop online: Report

Young buyers, who account for 80 percent of buyers’ base, are helping feed the growing field of app- and web- based channels / Representative Image |

Young buyers, who account for 80 percent of buyers’ base, are helping feed the growing field of app- and web- based channels / Representative Image |

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After an unprecedented year that saw record e-commerce adoption across the board, online car buying has proved to be one of the hottest trends of the year. The frequency of an individual upgrading his/her car through a complete end-to-end online platform has substantially increased- nearly 40% of the respondents said they will prefer to buy their next car online.

This was revealed byCARS24, e-commerce platform for pre-owned vehicles, in its a research report; in partnership with leading research firm IPSOS, on used car buyer trends and top category drivers. The study highlights the most compelling consumer trends and statistics with respect to the Indian used car industry.

After an unprecedented year that saw record e-commerce adoption across the board, online car buying has proved to be one of the hottest trends of the year. The frequency of an individual upgrading his/her car through a complete end-to-end online platform has substantially increased- nearly 40% of the respondents said they will prefer to buy their next car online.

Highlights from the report also include increased preference among Millennials and Gen Z for used cars. Young buyers, who account for 80 percent of buyers’ base, are helping feed the growing field of app- and web- based channels. The rise in new-vehicle prices and lifestyle changes due to the pandemic as well as emergence of online players are the major factors contributing to this shift.

More women buy used cars

While the majority of buyers are young males, there has been an uptake in the number of women used car buyers. From an industry average of 10 percent last year, the number has increased by 50 percent; and is likely to further amplify in the near future.

The report also highlights that among used car buyers, the most preferred body type is hatchbacks (43 percent willing to buy) followed by SUVs (26 percent willing to buy). Additionally, the demand for petrol engines is also high among buyers.

Another interesting finding remains ‘condition of the car’ as the most important factor for used car buyers. Today, quality cars along with trust, website reliability and honest and transparent purchase process are the top significant elements considered by potential used car buyers while making the final purchasing decision.

Commenting on the report, Kunal Mundra, CEO, Cars India, CARS24 said, “Through this report, we have identified some interesting trends and to those, we will continue to build a gold standard for quality used cars in India and deliver best in class customer experience.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

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Published on: Friday, December 03, 2021, 01:53 PM IST
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