The company also noted a 71% participation rate from corporate professionals purchasing used cars, with Compact SUVs leading as the preferred choice, followed by Hatchbacks and Sedans. Regional color preferences were observed, with red cars gaining popularity in Bangalore and Kolkata.
The company experienced significant growth, surpassing 40% compared to the previous calendar year, thanks to digitalization and accessible financing options. The final quarter of the year exhibited a growth rate 1.5 times higher than Q3, attributed to heightened demand during the festive season, where Spinny sold over 8000 cars from October 15th (the first day of Navratri) to Diwali.
Some additional highlights from the company’s report include:
– 46% of customers opted for car financing through Spinny.
– Bengaluru, Delhi-NCR, and Hyderabad emerged as the cities with the highest demand for used cars in 2023.
– Luxury used cars witnessed high demand, particularly from Delhi NCR, followed by Bangalore and Mumbai. Top-selling brands included Jeep, BMW, and Mercedes-Benz, with popular models like Jeep Compass, Mercedes-Benz C-Class, and BMW X1. White, black, and blue were the preferred colors among luxury car buyers.
The used car market in India is on a robust growth trajectory, projected to increase from 4.6 million units in FY23 to 8 million in FY27.