<p>Pre-owned passenger vehicles market has seen steady recovery and growth in April-July period this year with demand for such vehicles growing by around 25 per cent this month as compared to February, says a report.</p>.<p>According to a report by consumer-to-consumer marketplace for pre-owned items, OLX, the growth of pre-owned vehicles in July was led by sedans followed by SUV and hatchbacks.</p>.<p>In terms of consumer sentiment, 55 per cent of respondents plan to use a personal vehicle in the next 6 months and non-metros are key drivers in the demand revival, said OLX's 4th edition of the 'Auto Note'.</p>.<p>"The spurt in demand for pre-owned personal vehicles is not only owing to hygiene concerns but also due to reduced budgets for buying a personal vehicle. As per industry data, the pre-owned car market outnumbers the new car market by 30 per cent in volume," the report added.</p>.<p>The report, however, said preference for public transport, including cabs is on the decline owing to hygiene concerns with 55 per cent of respondents intending to commute in a personal car in the future as compared to 48 per cent in pre-Covid days.</p>.<p>Stating that the auto industry is on the road to recovery, OLX said 56 per cent of respondents planned to buy a car in the next 3-6 months and 54 per cent of these plan to buy a pre-owned car in the same time frame.</p>.<p>"However, their preference is likely to veer towards entry-level models as 72 per cent of respondents have reduced their car-buying budget due to Covid-19. For new cars, 39 per cent of buyers have a budget under Rs 3 lakh, with another 24 per cent having a budget between Rs 4 and Rs 7 lakh," the survey said.</p>.<p>For a pre-owned car, 50 per cent of buyers have a budget under Rs 3 lakh while 20 per cent have a budget between Rs 4 and Rs 7 lakh, it added.</p>.<p>OLX and OLX CashMyCar had conducted a study with over 3,800 respondents between April-June 2020, and also analysed indicators from over 4.5 lakh monthly average 'buyers+sellers' on the OLX platform over the same period.</p>.<p>Commenting on the findings, OLX India Vice President Auto Sunny Kataria said, "While Covid-19 has been a black swan event for the automobile industry at large, we are starting to witness signs of improvement, especially in the pre-owned cars industry."</p>.<p>Kataria further said, "changing preferences, evolving customer needs and an entirely new set of rules for social interactions have given rise to demand in the non-metro cities. Non- metro cities now form a major chunk of buyers and sellers for our platform."</p>.<p>The company said of all the respondents keen to buy a car in non-metro towns, 70 per cent of them are interested in pre-owned cars and only 30 per cent are interested in a new car, indicating that these places are likely to drive the growth of pre-owned vehicles.</p>.<p>"The narrative flips for metro towns, wherein 70 per cent of the respondents are more likely to opt for a new car," it added. </p>
<p>Pre-owned passenger vehicles market has seen steady recovery and growth in April-July period this year with demand for such vehicles growing by around 25 per cent this month as compared to February, says a report.</p>.<p>According to a report by consumer-to-consumer marketplace for pre-owned items, OLX, the growth of pre-owned vehicles in July was led by sedans followed by SUV and hatchbacks.</p>.<p>In terms of consumer sentiment, 55 per cent of respondents plan to use a personal vehicle in the next 6 months and non-metros are key drivers in the demand revival, said OLX's 4th edition of the 'Auto Note'.</p>.<p>"The spurt in demand for pre-owned personal vehicles is not only owing to hygiene concerns but also due to reduced budgets for buying a personal vehicle. As per industry data, the pre-owned car market outnumbers the new car market by 30 per cent in volume," the report added.</p>.<p>The report, however, said preference for public transport, including cabs is on the decline owing to hygiene concerns with 55 per cent of respondents intending to commute in a personal car in the future as compared to 48 per cent in pre-Covid days.</p>.<p>Stating that the auto industry is on the road to recovery, OLX said 56 per cent of respondents planned to buy a car in the next 3-6 months and 54 per cent of these plan to buy a pre-owned car in the same time frame.</p>.<p>"However, their preference is likely to veer towards entry-level models as 72 per cent of respondents have reduced their car-buying budget due to Covid-19. For new cars, 39 per cent of buyers have a budget under Rs 3 lakh, with another 24 per cent having a budget between Rs 4 and Rs 7 lakh," the survey said.</p>.<p>For a pre-owned car, 50 per cent of buyers have a budget under Rs 3 lakh while 20 per cent have a budget between Rs 4 and Rs 7 lakh, it added.</p>.<p>OLX and OLX CashMyCar had conducted a study with over 3,800 respondents between April-June 2020, and also analysed indicators from over 4.5 lakh monthly average 'buyers+sellers' on the OLX platform over the same period.</p>.<p>Commenting on the findings, OLX India Vice President Auto Sunny Kataria said, "While Covid-19 has been a black swan event for the automobile industry at large, we are starting to witness signs of improvement, especially in the pre-owned cars industry."</p>.<p>Kataria further said, "changing preferences, evolving customer needs and an entirely new set of rules for social interactions have given rise to demand in the non-metro cities. Non- metro cities now form a major chunk of buyers and sellers for our platform."</p>.<p>The company said of all the respondents keen to buy a car in non-metro towns, 70 per cent of them are interested in pre-owned cars and only 30 per cent are interested in a new car, indicating that these places are likely to drive the growth of pre-owned vehicles.</p>.<p>"The narrative flips for metro towns, wherein 70 per cent of the respondents are more likely to opt for a new car," it added. </p>