Festive Season Drives Automotive Sales Beyond 1 Million Units, Used Car Segment Surges

In a robust display of consumer enthusiasm, automotive sales surpassed the 1 million unit milestone this festive season, with the used car segment experiencing an 88% surge in sales, as reported by Cars24. Petrol vehicles dominated preferences, constituting 87% of total sales, likely attributed to lower initial costs, maintenance expenses, and the extended 15-year road life for petrol vehicles.

Hatchbacks emerged as the favored choice, capturing 65% of total sales. Popular models like Swift, Baleno, Grand i10, Alto, and Kwid, particularly from Maruti Suzuki, gained traction among first-time car buyers. SUVs secured the second spot in buyer preferences, with models like Vitara Brezza, Ford EcoSport, Ertiga, Creta, and Nexon experiencing heightened demand. The priciest purchase during this season was the Ford Endeavour, while silver emerged as the top color choice among buyers.

Bangalore led in car sales, recording the highest figures, while Kochi witnessed a doubling of car sales during Onam compared to the previous year. Mumbai and Pune experienced a twofold increase in car purchases during Ganesh Chaturthi, with WagonR and Honda City leading the charts. Ahmedabad and Delhi recorded a 67% uptick in car sales during Navratri, with the Grand i10 and Baleno being particularly sought after.

Cars24, a prominent platform in this surge, facilitated the sale of cars worth Rs 1,760 crore during the festive season. Delhi emerged as the top-selling metro, while Lucknow saw the highest number of sellers from metropolitan markets, followed by Pune and Ahmedabad. The platform saw a spectrum of transactions, from the sale of the most affordable Maruti 800 and Zen to the luxury of a Mercedes-Benz E Class.

The festive season also witnessed a significant financial activity, with daily loan disbursements averaging Rs 4.7 crore. Young salaried professionals under 35 years old led in loan applications, with Cars24 processing over 500 loan applications daily, ensuring a used car loan disbursed every 10 minutes. Maruti and Hyundai stood out as the most financed car brands, with Hyundai Grand i10 securing the highest loan disbursements. The automotive landscape remains vibrant and dynamic, reflecting evolving consumer preferences and robust market dynamics.