Revving Value: 2024's Used Car Boom in India

In 2024, India's used car market soared, driven by high new car costs, urban growth, and budget needs. Maruti Suzuki and Hyundai led sales, with the Swift and i10 as favorites due to their reliability and affordability. Consumers prioritized value, reflecting a shift towards smart purchasing choices.

In a significant shift for India's automotive industry, 2024 saw a remarkable rise in the used car market, surpassing new car sales for the first time. This growing trend, detailed in CARS24's report 'Gears of Growth,' highlights a change driven by consumer priorities. As new car prices rose and urban growth accelerated, buyers turned to pre-owned vehicles for budget-friendly mobility solutions.

Dominating the 2024 landscape were Maruti Suzuki and Hyundai, with Maruti Suzuki accounting for a significant 36% of all used car transactions. The leading models included the Maruti Suzuki Swift, Hyundai i10, and Honda City, chosen by consumers for their reliability and economical operation. The Swift, in particular, maintained its popularity due to its attractive design and superior fuel efficiency.

The shift to used cars reflected a broader trend of value-conscious buying. Consumers prioritized vehicles that combined affordability with practicality, driving sales of models like the Swift Dzire and Wagon R as well. With pre-owned cars becoming a preferred choice, the trend is poised to continue, reshaping how Indians approach vehicle ownership.

(With inputs from agencies.)