Various other factors responsible for used passenger car sales are:
Improved quality of used cars:
Due to technological advancements, the quality of cars has been improved over past few years. The quality of material used in the car has been improved, due to which the average life of a car has increased. This has fueled the growth of used passenger car sales. At the time of resale, the seller carries out a multipoint checking of the car, so that the customer gets good quality at a less price. Attributing to this, the trust factor between buyers and sellers has increased and it is driving used passenger car sales.
Less usage:
As most families have more than one car, the use of one car is relatively less as compared to the other one. Also, the car is well maintained and these are the cars which are to be bought, as they offer excellent value for money. This is another factor responsible for increasing used passenger car sales.
Growing organized players in the used passenger car market:
Used passenger car sales is increasing over the past few years through organized players. These players provide better service and value for money to the customer, as compared to unorganized players in the market. They provide buyers with a wide variety of used cars to choose from. Cars that are available with these players are certified by quality engineers. Due to this, the risk of buying low quality used cars has been reduced drastically. Organized players have helped make the used car market more transparent and ensured fair prices for both, sellers and buyers. This has contributed to increasing used passenger car sales globally.
Online portals and internet access:
With easy availability of high speed internet, people are able to sell or buy used cars through various online portals. Due to this trend, search cost has come down and this has made a positive impact on the used passenger car sales.
Though used passenger car sales is growing, there is always a risk factor involved in buying a used car. This is mainly due to unorganized players that are not authorized by the government. Also, the trust factor has not been built completely between buyers and sellers, regarding the quality of the used car. The absence of knowledge of the history and quality of a used car is a restraining factor for used passenger car sales.
Used Passenger Car Sales Market Participants
Examples of some of the market participants in the global used passenger car sales market, identified across the value chain include:
- CarMax Business Services, LLC
- AutoNation.com
- Penske Automotive Group, Inc.
- America’s CAR-MART Inc.
- Lithia Motors Inc.
- Sonic Automotive Inc.
- Auto Trader Ltd.
- CarWale India
- MXC Solutions India Pvt Ltd.
- Maruti Suzuki India Ltd.
- Tata Motors Ltd.
- Mahindra First Choice Wheels Ltd.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types and applications.
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- Current Trends/Issues/Challenges
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- Eastern Europe
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The global used passenger car sales market can be segmented on the basis of vehicle type, dealer type and fuel type.
On the basis of vehicle type, the global used passenger car sales market is segmented as:
- Hatchback
- Sedan
- Sport Utility Vehicles (SUVs)
- Multi-Purpose Vehicles (MPVs)
On the basis of dealer type, the global used passenger car sales market is segmented as:
- Organized
- Semi-Organized
- Unorganized
- Consumer to Consumer
On the basis of fuel type, the global used passenger car sales market is segmented as:
- Petrol vehicles
- Diesel vehicles
- Hybrid vehicles
Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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