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Sulekha.com Releases Market Report On Used Car Marke
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Tuesday, February 07, 2012:
Sulekha.com, India's leading digital marketplace for local needs, today announced the results of a study undertaken on the Used Car Market in India.
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This study has been conducted using Sulekha.com's database of over 85,000 second-hand cars of selective brands listed on its site over the last 3 years.
This analysis covers the hatchback as well as the sedan market. It covers the used car market in New Delhi/NCR, Mumbai, Chennai, Bangalore, Hyderabad, Cochin and Kolkata.
Key interesting findings:
-- Maruti, Hyundai and Honda are the most popular brands in the used car market.
-- For every car of Honda in the seconds market, there are 3 cars of Hyundai and 5 cars of Maruti.
-- Swift models constitute one-third of the Maruti hatchback seconds; Alto models make up another 25%.
-- Whereas, Santro models constitute 50% of the Hyundai hatchback seconds.
-- The Sedan category is dominated by Verna and Accent for Hyundai. And 2 out of 3 Honda sedans are City models.
Cost savings:
-- The study reveals that Rs. 30,000 to 50,000 can be saved by buying a year-old hatchback instead of a new one. Similarly, Rs. 50,000 to 70,000 can be saved by buying a year-old sedan rather than a new one.
-- The cost of a second-hand hatchback ranges from Rs. 2.5 lakh to 5 lakh, depending on the age of the car. The price of a second-hand sedan ranges from Rs 4 lakh to 9 lakh, depending on the age of car.
-- Maruti's hatchback models have less erosion in the seconds market when compared to other hatchbacks. Among Maruti hatchbacks -
- 2-year old models cost 75-85% of the value.
- 3-year old models cost 60-80% of the value.
-- In the Sedan segment, Maruti's models have higher erosion. 4-year old Maruti models cost 50-56% of the value. Whereas 6 to 7-year old Honda & Hyundai models cost 50% of the value.
It is interesting to note that the buyers' segment for cars older than 2 years has increased from 35% in 2009 to 50% in 2010 to 60% in 2011
Popular models of 2011:
-- Hatchbacks
- Santro was the most popular brand followed by i10, in the Hyundai family.
- Swift was the most popular brand followed by Alto, in the Maruti family.
-- Sedans
- For Hyundai: Verna was most popular followed by Accent.
- For Maruti: SX4 was the leading brand and Swift Dzire came in second.
- For Honda: City & City ZX were at the forefront, closely followed by Civic.
Commenting on the study and analysis, Mr. Satya Prabhakar, CEO, Sulekha.com, said, "This study has unveiled some important and interesting trends pertaining to brand value, depreciation and cost savings in the used car market. These pointers will be useful to prospective buyers and sellers. Going by the growing number of listings on our site-there has been an increase of 35% in the last one year-it is clear that there has been a significant shift in the mindset of people with regard to owning used cars. The used car market will indeed be a phenomenon to watch out for in the next few years.
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