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80% Of Used Car Buyers Are Millennials & Gen Z Who Prefer Transacting Online - Report

While the majority of buyers are young males, there has been a 50% uptake in the number of women used car buyers.

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Cars24 MRL

Almost 80% of used car buyers are Millennials & Gen Z who prefer transacting online says a report released by CARS24, in partnership with research firm IPSOS, on used car buyer trends and top category drivers. The study highlights the most compelling consumer trends and statistics with respect to the Indian used car industry. 

Young buyers, who account for 80% of buyers’ base, are helping feed the growing field of app- and web- based channels. The rise in new-vehicle prices and lifestyle changes due to the pandemic as well as the emergence of online players are the major factors contributing to this shift.

While the majority of buyers are young males, there has been an uptake in the number of women used car buyers. From an industry average of 10% last year, the number has increased by 50%; and is likely to further amplify in the near future.

After an unprecedented year that saw record e-commerce adoption across the board, online car buying has proved to be one of the hottest trends of the year. The frequency of an individual upgrading his/her car through a complete end-to-end online platform has substantially increased- nearly 40% of the respondents said they will prefer to buy their next car online.    

The report also highlights that among used car buyers, the most preferred body type is hatchbacks (43% willing to buy) followed by SUVs (26% willing to buy). Additionally, the demand for petrol engines is also high among buyers. 

Another interesting finding remains ‘condition of the car’ as the most important factor for used car buyers. Today, quality cars along with trust, website reliability and honest and transparent purchase process are the top significant elements considered by potential used car buyers while making the final purchasing decision.

Commenting on the report, Kunal Mundra, CEO, Cars India, CARS24 said, “Through this report, we have identified some interesting trends and to those, we will continue to build a gold standard for quality used cars in India and deliver best in class customer experience. Our dream is to continue to fulfill the dreams of many Indians of owning a car by transforming the customer journey - 'the CARS24 way'.”


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CARS24 used car business Post Pandemic ipsos survey