The used car market is scoring higher than the new car market in India. When the global crisis is influencing its negative impact on every industry, the used car market seems to have the positive effect.
According to a source, in the last four months nearly 1,000 second-hand cars have been sold in Bangalore. This is due to the cut of 30 percent in the car prices against a year ago. In some cases the prices are even reduced by 50 percent.
The recession has forced many of the professionals to sell their cars. This is resulting in over-pouring of pre-owned cars in the market. Therefore, the used cars are being sold at the cheaper rates.
For instance a BMW 3-series which is originally priced between Rs 35 to 37 Lakh was available for Rs 25 Lakh for re-selling. Similarly, recently purchased Honda City was sold for Rs 6 Lakh, whereas the 2008 Hyundai Santro was sold by its owner for just 3 Lakh.
The used car showrooms are getting populated with the people selling their cars at a throwaway price. The economic crisis has hit everyone and most of the car owners are finding it difficult to maintain their cars. As per the nature’s law when one suffers, the others rejoice, the similar theme follows here too.