The used car sales have been better than last year. On a percentage basis, there has been almost about 100 percent increase in our sales. So that’s good news.
The rate of enquiries is no doubt higher but the encouraging part is that conversions have also increased in the similar lines. As a result, the overall ratio has seen improvement on a year-on-year basis.
Though the demand trends vary from area to area, we have seen that SUVs were amongst the most favoured in the pre-owned car space as with new cars. The segments that also saw brisk demand include sedan and entry level cars.
Used cars continue to be in demand for multiple factors including the higher cost of new cars, longer wait period and of course fuel prices too. From relative affordability aspect, they represent a value proposition. Therefore, I expect the current trend to continue and see sales inching higher for the rest of FY2022. Even in FY2023, I believe the same trend shall continue and we will see higher used car sales.
Even we feel that the volume of used car sales is on a steady growth path. I will go with the trend analysis and the studies that indicate 7 million plus volume by FY2025.