Ahmedabad, 17 May, 2023: CARS24, India’s leading AutoTech Company, has recorded a remarkable 100 percent increase in the sale of used cars in Ahmedabad, Surat and Rajkot during the last 90 days in comparison to the same time last year. The company’s expansion into new markets and the widespread acceptance of its reliable services by customers have been key drivers of its consistent growth. By facilitating the purchase and sale of more than thousands of cars in the state, CARS24 has firmly established itself as a major contender in Gujarat’s pre-owned car market.
CARS24 made its debut in Gujarat in 2020 during the coronavirus pandemic with the launch of its services in Ahmedabad when considering their safety more people started moving towards personal mobility. Since then, the company has expanded its footprint and now operates in 21 cities across the state. Customers in Gujarat value the practicality, affordability and reliability of used cars, especially when purchasing from a trusted platform like CARS24. Additionally, the option of financing a car with 0 down payment has become increasingly popular in the state in the last few years. This has led to a rise in demand for pre-owned vehicles in the state, further driving the company’s growth in the region.
Gujarat’s substantial investments and progress in highways and road networks have resulted in enhanced connectivity and decreased travel time, encouraging a growing number of people to view car ownership as a feasible and convenient option. The presence of well-maintained roads and highways has instilled confidence in prospective car buyers, establishing a favorable climate for the expansion of the pre-owned car market in the state and cementing CARS24’s position as a key player in Gujarat’s automotive industry.
Talking about the growth in the state, CARS24’s Co-Founder, Gajendra Jangid, added, “Gujarat is amongst the fastest growing auto markets in India and accounts for approximately 12 percent of the total auto sales in the country, making it of significant importance to us. We are delighted with the response we have been receiving from our customers in the state. We are committed to making car buying and selling easier and less stressful for more people. We appreciate their trust and will work harder to exceed expectations.”
In Gujarat, pre-loved cars were the most popular in Ahmedabad, with the Maruti Baleno being the most popular choice, followed by Maruti Swift in Rajkot and Hyundai I10 in Gandhinagar. The recent data from CARS24 has revealed interesting facts about the car buying behavior of customers in the state:
Meri Priya Maruti : Taken over Gujarat with their stylish, reliable, and performance-driven hatchbacks.
Maruti has consolidated its market leadership in Gujarat, with the highest number of car purchases in Ahmedabad in Q1 2023. Hatchback models like the Swift, Baleno, and Alto proved to be the most favored options among customers, owing to their affordability, practicality, fuel efficiency, and compact size, which cater to the needs and preferences of Gujarat’s consumers.
Budget-Friendly and Trustworthy: Gujarat’s Car Market Sees a Surge in Demand for Affordable Brands
According to recent sales data from CARS24, there has been a significant increase in demand for several car brands in Gujarat, such as Renault Kwid, Tata Tigor, Hyundai Creta, and Hyundai Elite i20. This shift in consumer behavior suggests that car buyers in the region are increasingly opting for cars that offer a balance of affordability, reliability, and efficient performance.
Revved Up and Ready to Go: Gujrat Car Buyers Shift Gears with EMI Financing!
Car financing has become increasingly popular among car buyers in Gujarat, with many opting for this option purchasing a vehicle outright. This trend is further aided by the availability of a 0 downpayment option on CARS24, which has added to the convenience of people’s lives.
This trend is supported by data that shows a majority of loans being taken by salaried professionals. The average EMI amount for these loans is ₹11,500 and the preferred financing tenure is 6 years. This trend allows greater flexibility and reduced payment burden for buyers in the region.
More youth wants to own a car in 2023 than ever before
The current year has seen a significant rise in the number of millennials buying cars, with the availability of financing options playing a key role in this trend. The majority of these buyers were under the age of 35, reflecting a growing preference among young consumers for car ownership.
India explores the option of lucrative deals.
CARS24’s latest DriveTime Quarterly Report reveals that Indian consumers sold cars worth over INR 1250 crores on the platform in just 90 days of 2023, highlighting their trust in the platform’s services. With a presence in over 100 cities in India, CARS24 is shaping the future of car sales and ownership as the industry evolves with new trends and technologies.
