Notwithstanding the slowdown in the automobile sector, the used car market is set to grow to almost twice the size of the new car market in five years, say used car dealers.
The used car market in India is expected to reach to 6.7 million-7.2 million cars per year by 2022.
Sunil Nayak, AVP, Franchisee Operations, Mahindra First Choice Wheels Ltd (MFCWL) said there has been a steady growth in the past year in used car demand. The price advantage over a new car makes it a great option for many first time car buyers.
MFCWL has a network of 177 outlets across South India, including the new franchisee outlet - Care “N”Tee Cars — which was inaugurated here. It plans to reach 200-plus outlets by FY 2019-20. (It has over 1,000 outlets across the country).