Advent Of Second Hand Car Industry In Bangalore
A used car or a second-hand car is a vehicle that has a previous owner / owners. These cars are sold through retail outlets, auctions, independent car dealers and private parties.
Online, December 30, 2013 (Newswire.com) - With the advent of second-hand car industry, owning a luxury car is not a prodigious task anymore. Today, car has become a necessity. With a rise in their monthly earnings, many individuals are ready to spend their money on this necessity. Thanks to their easy accessibility and striking rates, second-hand cars sell like hot cakes. They are a great boon to the middle class people, who are gradually turning to used car market to accomplish their vision of possessing a four-wheeler. Now, even two-wheeler users opt for second-hand cars.
Rise of Second Hand Car Market in India
Owing to the thriving economy and mounting earnings of individuals, the second-hand car industry is expected to rise exponentially. Due to the increase in the number of car models in the market, a trend has arisen among car owners to purchase a new car every 3-4 years in exchange of their old vehicles. This has led to the rise in the number of second hand car dealers in India. Just two years ago, there were only a few dealers catering to the used car needs. But now there are various outlets in every nook and corner.
A wide range of cars including Maruti 800, Swift, Alto, Indica besides MUVs and SUVs like Scorpio and Innova are on trade in the used car market today. There is a huge demand for Martui 800, Swift and Indica.
Second-hand car rates comparison
A one year old Maruti 800 costs approx. Rs 1.00 lakh while a 3-year old model costs approx. Rs 80,000. An Indica which has been driven for one year costs between Rs 2.00 lakh and Rs 4.00 lakh. One year old Alto & Swift are sold at Rs 3.00 lakh and Rs 4.00 lakh respectively. A three-year old Alto costs approx. Rs 2.50 lakh and a three-year old Swift between Rs 2.80 lakh and Rs 3.00 lakh.
The cost would be determined by the seller after document verification, the vehicle's past history, fuel efficiency of the car and its performance. Once done, necessary repairs are carried out and sold by registering the car in their names. The original factory warranty can be retained and transferred to the second ownership if the car is just a year or two old. Second-hand car dealers will get a commission of approx. Rs 5000/- for each car.
There is always a heavy rush during holiday seasons and weekends at these outlets.
To summarise, the market for second-hand owned cars is flourishing, thus, bringing in credibility and transparency in the highly unorganised market of pre-owned cars.