Pune, 31 July 2023: CARS24, the prominent AutoTech Company in India, is creating a significant impact in Maharashtra’s automotive market and has witnessed a remarkable 70 percent surge in used car sales during the first half of 2023, in contrast to the previous year’s corresponding period. With its seamless facilitation of car buying and selling transactions, CARS24 has firmly established itself as the most trustworthy platform for pre-owned cars in Maharashtra, catering to a substantial customer base and facilitating the exchange of a multitude of vehicles.
Since its launch in Maharashtra in 2015, CARS24 has achieved remarkable growth, expanding its reach to serve customers in 18 cities across the state. The people of Maharashtra greatly appreciate the practicality, affordability, and reliability of used cars, particularly when acquired from a trusted platform like CARS24. Furthermore, the increasing popularity of zero-down payment financing alternatives has played a significant role in driving the escalating demand for pre-owned vehicles, leading to the company’s rapid expansion in the region.
The growth of the automotive sector in Maharashtra has been supported by the government’s investments in road infrastructure, including the Mumbai-Jaipur expressway. Additionally, the state government’s plan to establish a third agency for road work and the launch of six new ROBs (Road Overbridges) further contribute to this development. As a result, CARS24 has emerged as a well-established and reliable brand in the automotive industry of Maharashtra.
Reflecting on the exponential growth in Maharashtra, Gajendra Jangid, Co-Founder of CARS24, emphasized, “Maharashtra’s auto market holds immense importance to us. The overwhelming response from our customers brings us joy. Our commitment is to redefine the car buying and selling experience, making it seamless and stress-free. With gratitude for their trust, we’ll keep exceeding expectations and surprising our customers.”
The latest data provided by CARS24 reveals fascinating insights into the dynamic used car market of Maharashtra. The buying patterns observed in different cities highlight the influence of local demand and customer preferences.
The automobile landscape in Maharashtra is witnessing a notable shift as car buyers increasingly explore various brands beyond the dominant Maruti models. Models like the Hyundai Grand i10, Honda City, and Volkswagen Polo have gained significant popularity, reflecting evolving preferences. Maharashtra car buyers prioritize practicality, seeking comfortable and reliable vehicles for daily commuting and family needs. Affordability, reliability, and performance play crucial roles in influencing their choices. While Maruti remains at the top, the rising demand for other brands demonstrates their increasing popularity in the region.
In Pune and Mumbai, prominent models such as the Maruti Wagon-R, Celerio, Baleno, and Swift, Hyundai Creta, Grand i10, Elite i20, and Honda City, dominate the market. The Renault Kwid and Volkswagen Polo also enjoy significant popularity in these cities. Conversely, Nagpur demonstrates a clear inclination towards the Maruti Wagon-R and Swift, accompanied by the Hyundai Grand i10. In Nashik, the highly sought-after choices include the Maruti Wagon-R, Baleno, Swift, and Volkswagen Polo.
In Pune, Maruti retains its crown, recording the highest car sales in the city during the first quarter of 2023. The Wagon-R VXI 1.0 petrol variant stands out as the top choice, praised for its affordability, practicality, fuel efficiency, and compact size, meeting the diverse requirements of consumers in the state.
The demand for SUVs and Compact SUVs is soaring in Maharashtra’s dynamic car enthusiast market. Leading the pack are popular choices like Hyundai Creta, Tata Nexon, Maruti Brezza, and Kia Seltos, offering robust performance, stylish appeal, and impressive mileage. Customers are drawn to these SUVs for their affordability, advanced features, and striking designs, making them the preferred option.
Additionally, sleek sedans are captivating car enthusiasts in the state. Despite SUVs dominating the roads, sedans like Maruti Swift Dzire and Ciaz are making their mark across Maharashtra. Hyundai Verna, New Elantra, and Honda Civic are among the top-selling sedans in Pune, known for their style and performance. Other contenders such as Volkswagen Ameo and Skoda Rapid add to the vibrant Pune car market. The resurgence of sedans can be attributed to their timeless allure, evoking sophistication, elegance, and refined style. With sleek profiles, luxurious interiors, and cutting-edge features, sedans attract discerning drivers seeking a perfect balance of comfort, performance, and prestige.
Car financing has become increasingly popular among car buyers in Maharashtra, with many opting for this option to purchase 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. 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. The remarkable increase in pre-owned car sales in cities such as Pune underscores the significant role played by non-metro cities in the automotive market.
CARS24 operates across 18 cities in Maharashtra, including Ahmednagar, Akola, Amravati, Aurangabad, Baramati, Chandrapur, Jalgaon, Kolhapur, Latur, Mumbai, Nagpur, Nanded, Nashik, Pune, Sangli, Satara, Shrirampur, and Solapur, has made a substantial impact in the region.