|
|
|
Used car leasing gains momentum amid pandemic: Survey
|
|
|
|
Top Stories |
|
|
|
|
SMETimes News Bureau | 27 Sep, 2020
Amid subdued incomes and low demand in the auto segment caused by the
pandemic, leasing demand for used cars has increased in comparison to
brand new vehicles, according to a recent survey.
As per the
survey, gender wise, used car buyers are 80 per cent male and 20 per
cent female, and age wise, budget cars are preferred by consumers in the
age group of 24-27 years, mid-range sedans preferred by those in the
age group of 30-32 years and luxury cars largely preferred by those
around 38-40 years of age.
The used car market is 40 per cent
metro and 60 per cent non-metro while the new trend of used car leasing
comprises 90 per cent metros and 10 per cent non-metros, showed the
survey by 'PumPumPum', a start-up in the used car leasing segment.
The
survey, conducted on over 10,000 consumers across metros and non-metros
including Delhi, Mumbai, Bengaluru and Chennai, also indicated that the
sharpest dip in the car value is in the first year of its purchase.
The
survey found that the first-time car buyers were the majority (55 per
cent) of used car buyers, followed with 41 per cent of those who have
multiple cars in the family and only 4 per cent who were replacement
buyers.
Respondents indicated affordability as the major reason
behind selecting a pre-owned car. Other reasons for buying used cars are
value for money, second car for the house-hold, learning driving among
others.
Region-wise, north India has the largest population of
used car buyers (36 per cent) followed by west (27 per cent), south (26
per cent) and east (11 per cent).
On the growing trend of leasing
used cars, Sameer Kalra, Co-Founder & Chief Growth Officer at
PumPumPum, said: "As compared to buying and maintaining a car for 24
months, a leased car for 24 months turns out to be extremely affordable
and hassle-free. Issues related to lack of trust on dealers, low
penetration of financing in used car space, risk of repairs in a used
car, non-transparent pricing, low resale value of the third hand used
car resulting in high rate of depreciation are some of the factors
pushing the growth of used car leasing in India."
Of the changing
car buyer behaviour in the current scenario, Tarun Lawadia, Founder
& CEO, PumPumPum, said: "In the new informed world order, pre-owned
car leasing is moving from being a lifestyle and an aspirational product
to a perfectly placed end to end mobility solution."
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|