How technology is Impacting the Used Car Market in 2020?

1. How technology is impacting the Used Car Market in 2020? In recent years, technology, and particularly the internet have taken over every aspect of our lives. How we live, learn and study, buy things, do business, travel, etc. everything is now being powered by technology. The used car market in particular, has been revolutionized by technology and the internet. Here we take a look at how online sale of used cars is preferred by most people in 2020, owing to the convenience and range of services offered. Trends in the Used Car Market Steady, Consistent Growth despite Slowdown In spite of the marked downturn in the car industry, the used car sale segment has been steadily growing, and is expected to witness an increased demand in the coming years, owing to factors, such as growth or advent in the online sector and growth of the organized sector. Used-car sales in India stand at 3.2 million units, one and half times that of new cars. Market estimates suggest in the coming years, the used car market will be double that for new ones. In India, the pre-owned car sector is growing at 18-20 per cent; the organized segment is growing 40 per cent annually. Demand for Luxury Cars Another interesting trend is that the demand for used luxury cars is on the rise.

2. Until few years, owning a luxury car used to be a dream for numerous consumers, owing to financial hurdles, but this is gradually changing, as the consumers can easily buy used luxury vehicles. Heavy depreciation in luxury car prices has made these vehicles, a preferred choice in the used car market. So, instead of settling on a new small hatchback, customers are seeking and buying used luxury sedans at attractive prices on online car portals. Mobile Internet Powers Used Car Sales Mobile technology has revolutionized the way we do business, especially through internet use on phones. Online apps and portals are easily accessible on the mobile. An interested buyer can log on to used car portals like OLX Cash My Car and check out the models on sale. Sellers can upload car details on the portal, and get their vehicles tested and evaluated easily. Online bids are invited, after which the car is sold without any procedural hassles. No wonder then, that about one-third of used car demand traffic now comes from mobile phones. Experts stress that with increasing accessibility to mobile internet, the online marketplace has become an extremely attractive place to buy and sell used cars. Impact of Organized Players in the Used Car Market The used car market is no longer haphazard and fraught with procedural delays as it used to be in the past years. Over the past years, several organized players like OLX Cash My Car, Cars24, Mahindra First Choice, etc. have entered the market and streamlined used car sale and purchase processes. Now, technology has made the procedure infinitely easier and accessible on the mobile. Further, online portals like OLX Cash My Car do the hand-holding for you by taking over the paperwork and tedious processes that used to take days earlier. Today, you can buy and sell your used car in a matter of days, just sitting at home. Thank God for technology!