The realm of pre-owned car market is moving at an unprecedented pace. The segment has molded into a mature, bold and hassle-free business. With the edge of digital inclusivity, the pre-owned car market has changed shapes in all dimensions. Buying pre-owned cars are as easy as purchasing clothes online. Just a few taps on your smartphone and you are ready to welcome your most desired luxury car in your garage.
The pre-owned luxury car market was once an untouched piece of business. The perception of actually owning and maintaining a luxury car was burdensome. Locus of this market has moved up ever since. One of the primary reasons is the breathtaking increase in consumer power. Customers now have the power to afford anything they desire with a range of financial options at their disposal. The rise in financial literacy, better credit, and multiple trusted dealers are all likely driving the growth curve. Surveys predict that the pre-owned car market will cross 70 lakh units by 2026 from current 38 lakh level. This is almost double in under five years.
Demand and supply has been the way of business since centuries. Both are directly proportional or at least companies and customers try to make them proportional. The rising demand of pre-owned cars is fine-tuning the industry. Companies are focusing on quality and have placed customers at the center of business. Buying/selling experience, quality, and after-sale trust are the key drivers of the new-generation pre-owned market.
Talking of buying/selling experience, the industry has used technology as an edge. From outreach to potential customers to selling/ buying a car, the transaction has moved to Digital. The rise of technology supports sustainable business. When it comes to buying a pre-owned car, the primary concern of the customer is quality. New-age dealers are following strict checks and are tweaking the car to its best form before they are up for sale. This extra step ensures quality to customers. Likewise, when selling a car, the number one concern is competitive sell-off payment. With the third-parties scaled out, the dealer now directly deals with potential sellers. This enables them to offer an attractive bounty on the trade. With digital aids, buying a pre-owned car is paperless and hassle-free. Select a suitable car on your smartphone, check on the boxes, choose a financial plan, and take your delivery faster than ever. Moreover, quality has been the key differentiator in this business. A good quality car at a slightly higher price is much better than a painstaking car that may give you long-term headaches and add to your financial woes. The pre-owned market has added layers to ensure high-quality products at attractive prices. The quality gap between new car market and pre-owned car market is closing swiftly. You can now get a warranty and service period on a used car, just like a brand new car.
Car buying is not just a one-time transaction. It is the commencement of a longterm relationship. The trust component has always made the winners shine. A trustworthy pre-owned car market dealer is truly differentiable. The process involved, after-market service availability, and transparent paperwork gain trust for a long-term partnership. Availability is one of the primary drivers of this sector. The car must be ready to be sold on demand. With ever-increasing demands, it is the fast and the right QMS (Quality Management System) that wins the race. We are still in the early stages of witnessing the growth of pre-owned car market. Every day is a new beginning to better customer delivery and bringing a smile on their faces.