Maruti Suzuki, Hyundai, and Honda: The Most Trusted Brands Among Used Car Buyers: Report 

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25 May 2023
4 min read

News Synopsis

Insights from Spinny's Q1 2023 Report on the Used-Car Market

Spinny, a prominent used-car retailing platform, has released its highly anticipated quarterly report for Q1 2023, providing valuable insights into the dynamics of the Indian used-car market. The report sheds light on popular brands, best-selling models, color preferences, market demand, and changing buyer behavior.

Maruti Suzuki, Hyundai, and Honda Dominate Trust and Preference

According to Spinny's report, Maruti Suzuki, Hyundai, and Honda have emerged as the most trusted and preferred brands among used car buyers. These brands have garnered a significant level of consumer confidence, emphasizing their reputation for reliability, performance, and value for money. Their strong presence in the used-car market reflects the continued demand for their models and the trust they inspire in potential buyers.

Best-Selling Used Vehicles: Hyundai Creta, Maruti Suzuki Baleno, and Renault Kwid

The report highlights the top three best-selling used vehicles in India during Q1 2023. Hyundai Creta, known for its feature-packed design and reliability, secured the leading position, followed closely by Maruti Suzuki Baleno, a popular hatchback renowned for its fuel efficiency and spaciousness. The Renault Kwid, with its attractive styling and affordability, also gained significant traction among used car buyers. These models' popularity underscores their appeal and desirability in the secondary car market.

Growing Demand for SUVs and Color Preferences

While hatchbacks continue to dominate as the most preferred segment among used-car buyers, Spinny's report indicates a notable increase in the demand for SUVs. The growing popularity of SUVs can be attributed to their spaciousness, versatility, and commanding road presence. This trend reflects shifting consumer preferences and the desire for a more adventurous driving experience.

In terms of color preferences, the report reveals that silver emerged as the most popular choice among used-car buyers. Its timeless appeal, ability to hide minor scratches, and widespread acceptance contribute to its popularity. Following silver, grey and red were the second and third most preferred colors, respectively, showcasing the diverse tastes and preferences of buyers in the used-car market.

Changing Buyer Behavior: Increasing First-Time Car Buyers

Spinny's report highlights a notable shift in buyer behavior, with an increasing number of first-time car buyers entering the used-car market. In Q1 2023, approximately 65% of Spinny's buyers were first-time car purchasers, marking a significant increase from the previous year. This surge can be attributed to factors such as affordable pricing, easy financing options, rapid digitalization, and the growing need for personal mobility. These factors have opened up opportunities for new car buyers to enter the market and fulfill their aspirations of car ownership.

Robust Growth and Sales Figures

The report showcases the remarkable growth rate in Q1 2023 compared to the previous year, indicating a thriving used-car market. Spinny experienced a significant surge in demand during this period, with sales figures surpassing expectations.

During the festive season of Holi, Spinny sold an average of 200 cars per day, reflecting the heightened enthusiasm among buyers. The peak of Navratri witnessed even greater success, with the company delivering an impressive 450 cars per day. Additionally, on the auspicious day of Akshay Trithiya, Spinny achieved a commendable figure of 314 car deliveries.

Niraj Singh, Founder & CEO of Spinny, expressed his delight with the growth and attributed it to the trust customers have placed in Spinny's offerings and services. Acknowledging the significance of a car purchase for every home, Singh emphasized Spinny's commitment to ensuring a special and memorable experience for each customer.

The sales figures and the increased demand for used cars during Q1 2023 highlight the evolving preferences of Indian consumers. Factors such as easy financing options, rapid digitalization, a heightened need for personal mobility, and lower ownership costs have acted as major growth drivers in the used-car market.

Spinny's Q1 2023 report underscores the robust growth and sales figures in the used-car market, emphasizing the confidence buyers have in the platform's offerings and services. With the market experiencing significant expansion and evolving consumer behavior, Spinny is well-positioned to cater to the increasing demand and continue its success story in the coming quarters.

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