New Delhi: With the festive seasons across the nook, Indian auto fanatics are displaying plenty of curiosity within the pre-owned automobiles with hatchbacks being extra in demand for the reason that budgets have declined, an OLX research stated.
61 % automobile consumers plan to purchase a pre-owned automobile this festive season whereas 56 % of them planning to buy a hatchback. This festive season Indians are preferring to purchase hatchback automobiles as their budgets have declined in line with OLX Autos India Examine.
OLX carried out a research with 5800 automobile consumers and sellers throughout August-October 2020. 61 % individuals plan to purchase a automobile within the subsequent 3-6 months whereas 15 % are serious about promoting their present automobiles.
Among the many shopping for fanatics, 51 % had been salaried workers, whereas 40 % had been both self-employed or had their very own enterprise.
The OLX research concluded that financial uncertainty with the working inhabitants has led to a shift within the desire for pre-owned automobiles.
56 % individuals would favor to purchase a hatchback automobile whereas 44 % expressed an curiosity in shopping for a bigger automobile. 17 % would favor to purchase a sedan and 11 % would favor to purchase an SUV, the research discovered.
The research stated that constrained budgets will information shopper spends on automobiles. 63 % had a funds of solely as much as Rs 3 lakh for a automobile, whereas solely 30 % respondents stated that they had been prepared to spend over Rs 3 lakh for getting a automobile. 67 % individuals stated they might purchase a used automobile to maneuver round with their households and 22 % stated that they would favor to purchase a pre-owned automobile for his or her every day workplace commute.
15 % respondents plan to promote their present automobiles whereas 53 % plan to improve their automobiles or purchase one other automobile and 23 % plan to take action to satisfy their monetary wants. 12 % are promoting their spare automobile.
“Clients are getting attracted in direction of pre-owned automobiles as it’s providing the very best worth realization to those shoppers at a time when their incomes have been impacted. Publish the unlock, demand for pre-owned automobiles have shot up 133% whereas provide is up by 112% on OLX as we head into the festive season. India’s pre-owned automobile sellers have about 60% of unsold stock which they’ll goal to liquidate through the festive season,” Amit Kumar, Head, OLX Autos India, stated.