Big or small car dealerships have shifted their focus towards used car segment that provides dealers more opportunities of creativity and control than the new car for sale business. There is a huge competition emerging in the same market.
For the user perspective, the used car category has opened many options for first time aspiring buyers. The trend in the used car market in terms of buyer preference and requirements mimic the trend in the new car market. Its very preferable for buyers to experiment with various car brands in the used car segment. Despite of the increasing trend there is very less percentage of organized sector of user car deals. Sale and purchase through organized sector will take the used car for sale industry to another peaks.
Pricing and shift in consumer demand and perception
Owning a brand new car comes with its baggage of elaborate buying process, investing time in evaluating multiple brands, assessing the price-value equation, to name a few. On the contrary, used cars offer a wide choice of brands to choose from and are comparatively cheaper than new cars.
Depreciation is another factor for the shift in preference towards used cars. High depreciation rate on a high-value car has an impact on the mind of the customer, which makes buying a used car a better option for value of money.
Reduced period of ownership of cars
Generally car owners prefer to sell their car after 7-8 years while users prefer to buy 4-5 years old car. With newer models of cars being introduced at a faster pace, the need to own the latest models, ownership period has reduced to 4 years which augurs well for the buyer. Latest trends is implicating towards declining period of the ownership which will further give momentum to more people looking to buy ute second hand car.
Growth of online presence
With more and more second hand car showrooms having an online presence, the search for the right kind of car within the budget is today at the tip of the saving time, energy and money for the buyer. This gives flexibility of more options and searching.
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