(Image for representation). (Photo: IANS)
Not just financing options, the consumer attitude of ‘kitna deti hai’ (a question about mileage) continues to be the top parameter for the Indian car buyer.
Owning a private car is an aspiration of many who travel daily for work or otherwise. The options available for buying a car have made it possible for a common man to have his own personal vehicle. According to a latest report, more Indians prefer to finance their cars in 2022 even as the average budget has increased by 30%.
India CARS24’s Mileage Report 2022 reports that more Millennials shopped for cars in 2022, with the majority of buyers being under the age of 35. This trend highlights that young customers are driving the segment and car finance options in the form of EMIs have gained wide acceptance.
Also, people are willing to spend more amount on cars without compromising on their choice, safety or quality.
As per the data shared by CARS24, maximum number of cars were financed for users in cities like Hyderabad, Lucknow and Kolkata.
A user from Delhi took the maximum loan of Rs 25 lakh.
While financing, Indians preferred a six-year tenure as it gives more flexibility to pay and reduces the burden of repayment. The average EMI amount in 2022 was Rs 11500 and most of the loans were taken by salaried professionals.
The COVID-19 pandemic forced many people to avoid public transport and the past few years have seen a trend of preferring a private vehicle.
Not just financing options, Indian consumer behavior of ‘kitna deti hai’ (a question about mileage) continues to be the top parameter for a car buyer.
The report states that even in 2022, Maruti continues to lead the race for the most popular car brand in India, with 1 in every 3 buyers buying a Maruti car in 2022.
The maximum number of Maruti cars were bought in New Delhi, Mumbai, Bangalore and Hyderabad, followed by Kolkata, Lucknow, Pune and Ahmedabad.
Maruti was followed by Hyundai, Honda and Renault and Ford, although sales of new brands such as Kia rose in the last quarter of the year.
The last quarter of the year saw an increase in demand, especially for pre-owned cars, as per the report. CARS24 claimed that it recorded a 75% jump in sales of pre-owned cars from the January-March quarter (Q1) to the October-December quarter (Q4).
Meanwhile, for the first time, India overtook Japan in auto sales last year to become the world’s third largest auto market. Total sales of new vehicles in the country stood at at least 4.25 million units, higher than the 4.2 million units sold in Japan.
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