Rising Trends in Used Car Purchases: Spinny's 2024 Insights

Spinny's 2024 report highlights a surge in first-time used car buyers and a growing female customer base. Compact SUVs and hatchbacks remain favorites, driven by younger buyers. Major cities continue to lead in sales, with financing options increasingly popular among the 25-30 age group.

A notable 76% of used car buyers in 2024 were first-time purchasers, according to Spinny's annual report. This marks a slight increase from the previous year's 73%, showcasing growing interest in the second-hand car market.

The platform has seen a rise in women buyers, who now make up 26% of Spinny's customer base. Most prefer automatic hatchbacks and compact SUVs, with the Renault Kwid, Hyundai Grand i10, and newly favored Maruti Suzuki Swift leading the list of preferred models.

Spinny's CEO, Niraj Singh, reflected on the platform's growth since 2015, highlighting the increased preference for compact SUVs and sustained demand for petrol over diesel. The report also noted a drop in the average customer age and a significant reliance on financing, especially among younger buyers in major Indian cities.

(With inputs from agencies.)