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22nd December 2022: With the growing economy and steady growth in disposable incomes, full stack used car retailing platform, Spinny has reported a sizable growth in demand for used cars, especially from metropolitan cities. As per the year-end report, it witnessed a 60% increase in first-time car buyers across India in 2022 as compared to 57% in 2021.
Valued at $23 billion in FY 2021-2022, the used-car market is projected to grow double the rate, at a CAGR of 19.5% till FY 2026-2027. As per data from Spinny, cities that saw the maximum demand for used cars in 2022 was Bengaluru, followed by Delhi-NCR and Hyderabad. In addition, Spinny saw an increase of 32% in women buyers compared to 28% in 2021.
Online purchases were highest in Bangalore with 68%, followed by Delhi NCR with 63% and Hyderabad with 62%. In terms of favored brands, the country's most popular brands that still hold sway on spinny.com are Maruti, Hyundai, Honda & Tata cars and Grand i10, Elite i20, Kwid & Ecosport topping the chart for top 4 car models. Colors like white, Silver and grey specifically in that order, take the top favorite spots among Spinny buyers.
With factors such as financing options, digitalisation, increased need for personal mobility, lesser cost of ownership, etc. acting as growth drivers, Spinny noted that 64% of corporate professionals bought used cars in 2022. Among model categories, hatchbacks remained the most preferred option for Spinny buyers, followed by sedans and SUVs. While Delhi NCR and Mumbai car buyers preferred white, silver and grey color cars, in Bangalore and Chennai, red cars saw a great uptick, along with the white and Grey as preferences.
Commenting on the rise in demand for used cars on its platform, Niraj Singh, Founder & CEO, Spinny, said: "At Spinny, providing a unique and seamless car-buying experience has always been at the core of our commitment. The market for used cars is growing at a steady rate and this marked shift in customer behaviour can be sizably attributed to the trust customers have in Spinny's offerings and services. We understand that a car is a special purchase for a home and our endeavour is to make it extra special for each of our customers. We will always keep going the extra mile to ensure that."
As 2022 comes to a close, the months that witnessed major sales were December followed by October, August and May. Moreover, 85% of Spinny buyers opted for home deliveries and home test drives & 48% were completely online purchases.
Over the last couple of years, Spinny has had a cumulative customer base of over two lakh, operating more than 57 car hubs, including Spinny Max and Spinny Park experiential spaces across the country with a total parking capacity of over 10,000 cars.
The growth rate in Q4 was 1.5X that of Q3. The Spinny platform also saw a spike in demand during the festive season, with 307 cars sold on the 1st Day of Navaratri, followed by 204 on the 10th Day (Dussehra). In addition, 65% of Q4 buyers were first-time buyers.
In terms of luxury used car trends, Spinny Max has witnessed a high demand from Delhi NCR followed by Bangalore & Mumbai. The demand is constant for brands like BMW, Audi and Mercedes, with Mercedes-Benz C-Class, Audi Q3 & BMW X1 Series being the most sought after car models. White, Black and Blue remain the top favourite among the buyers.
Founded in 2015, Spinny is a used-car retailing platform that aims to bring about transparency and convenience in the car buying and selling process in India. Spinny operates across the entire value chain of used cars, embedding superior technology and processes to deliver a premium experience to customers. As a testimony of Spinny's commitment to transparency and quality, every car on the Spinny platform comes with a 200-point inspection checklist, a 5-day no-questions-asked money-back guarantee and a 1-year after-sales warranty. Spinny has 57 car hubs & experiential space and is operational in 22 cities, including Delhi, Gurugram, Noida, Bangalore, Mumbai, Pune, Hyderabad, Chennai, Kolkata, Ahmedabad, Lucknow, Jaipur, Chandigarh, and Indore, among others. Last year, Indian cricket legend Sachin Tendulkar partnered with Spinny as a strategic investor and a lead brand ambassador. Sports icon, PV Sindhu, a believer and customer of Spinny, is also a part of the series of marketing initiatives focused on realising the aspirations of a billion car dreams.
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User :- Shambhavi Singh