Demand for used luxury cars and SUVs go up

Demand for used luxury cars and SUVs go up

Sales too are higher in non-metros which are less impacted by lockdown.

Ashutosh Pandey, CEO, Mahindra First Choice Wheels, said, “At our MFCW stores, about 60% of used luxury sales is from non-metros. There is a huge increase in interest by supply remains a constraint,” he added.

Used car marketers say at Rs 10-20 lakh range, three-four years old used luxury vehicles are bargain buys for customers not willing to cough up upwards of Rs 40 lakh for a new BMW 3 Series or a Mercedes Benz C Class.

Sunny Kataria, VP-auto, OLX India, said: “A luxury car depreciates faster — around 35%-45% in three years. Now, a 3-4 years old Audi A 4, Mercedes Benz C Class or BMW 3 Series is available at Rs 15-20 lakh. There is strong aspirational value. For OLX, 51% of the supply of these cars came from metros in the January-June period.”

Top non-metro luxe markets that popped up in the OLX survey were cities like Lucknow, Jaipur and Ludhiana.

The surge in luxury listings and transactions is despite the fact that July sales at big online platforms is still 80% of pre-lockdown February.