New Delhi [India]: The used-car market in India is already bigger than the new car market. This means more than three million used-cars change hands every year.
There are several reasons for this large volume of car owners selling off their prized possessions.
Here, we list the top five reasons why four-wheelers change hands in India listed by Vikram Chopra, CEO, CARS24:
Change is the only constant
A car is a social status symbol apart from being a valuable functional asset. With an increase in income and lifestyle, a better car is often required to symbolize the progress and hence the need to sell off the old car appears. The same is true when there is a financial crunch and a car with better mileage is the obvious choice rather than sleek looks.
Change of Base
High volumes of new-age professionals change their cities and countries for jobs. According to the 2017 International Migration Report by the United Nations, more than 16 million Indians migrated abroad last year. Before shifting base, selling off the car is a major task to complete and is often done within short deadlines. Some land a good price while some become victims of the time crunch and lack of awareness about professional car resale available in the market.
Urgent Financial Requirements
Urgent financial requirements, like buying a house and medical emergencies, require a hefty amount of money in a relatively short span of time. Selling the car becomes an unwilling yet necessary decision to see through the stormy times.
Honey, we part ways!
Along with the emotional and unfortunate splitting of a couple, the accumulated belongings and possessions are either divided or sold-off. This includes that four-wheeler love machine whose interiors have shared the best and probably, the worst times with the couple.
Already a used-car
People often purchase a used-car for specific reasons like learning to drive, keeping as a second car for business purposes and regular household chores among others. Once these reasons cease to exist, the cars again change owners. (ANI)