Tuesday, February 21, 2012
By CarKhabri Team
Honda, Hyundai and Maruti – Most preferred used cars in market
Recently, the growth in the sales volume in the Indian automobile industry was majorly contributed by the surging demand of second hand cars, persuading the automobile manufacturers to venture into the used car business. Of these, Maruti Suzuki, Honda and Hyundai are spearheading towards meeting the diverse requirements of the used car market. These auto giants stood out as the most preferred car makers as per a survey conducted in major cities in the country, in relation to the purchase of second hand cars in the last three years.
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Since the buyers in the country are more driven towards purchasing small segment cars, Maruti Suzuki’s hatchbacks, Maruti Swift and Maruti Alto capture a major chunk in this segment. Even Hyundai Santro, Hyundai Accent and Hyundai Verna along with Honda City are listed among the most demanded cars in the used car market. As per the survey conducted in the prominent cities in the country on the demand for second hand hatchbacks and sedans, a buyer of a hatchback will have to shelve out Rs. 2.5 to Rs. 5 Lakh saving around Rs.30000 to Rs. 50000. While a buyer intending to buy a sedan will have part with around Rs. 4 to Rs. 9 lakh with an economy earned up to Rs. 50000 to Rs. 70000.
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As compared with all the renowned auto makers competing the second hand car market, Maruti Suzuki as emerged as the most preferable auto brand since the depreciation rate of its cars is lower leading to high resale value. A two year old hatchback of the auto giant can be purchased in the used car market at a price lower by up to 25 percent of the cost of a brand new car while a 3 year old hatchback would command a price lesser by 30-40 percent of the price of a new car.
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Earlier, for the Indian buyers purchasing a car was a matter of prestige and good will, but with the matter of time, these attributes have coupled with intelligent decisions involving knowledge of the brand, its experience in the industry, the economy and efficiency, etc. The economy gained in terms of the price has significantly influenced the notions of the Indian buyers in purchasing used cars.
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There has been substantial rise recorded in the demand for used cars in the Indian car market, leaping from 35 percent in the year 2009 to 50 percent in the year 2010 marking up to 60 percent in the year 2011. The increased reliability imposed by the buyers in the used car market denotes the qualitative efficacy of the offerings of the second hand car markets.