Second hand cars market in India to witness BIG surge by 2026-27: Report

According to the report, more than 35 lakh second hand cars were sold and bought in the previous financial year. This figure is more than the 2020-21 tally. In the previous fiscal, more than four crore second hand cars were sold globally.

Published on: Sep 13, 2022, 14:56:30 IST

By HT News Desk | Edited by Aryan Prakash

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The second hand and old cars market in India is set to increase by 19.5 per cent (compound annual growth rate) by 2026-27. At present, the second hand car market is worth $23 billion, Hindustan Times' sister publication Live Hindustan reported.

According to the report prepared by Indian Bluebook and Das WeltAuto, by 2026 the demand for second hand cars in small towns is set to increase by 30 per cent. On the other hand, the demand for old cars in 40 prominent cities is set to increase by 10 per cent.

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The reason behind the surge is attributed to the availability of certified cars, income worth spending, decline in the tenure of car and two-wheeler ownership and new models being introduced in shorter tenure, the Live Hindustan report stated.

According to the report, more than 35 lakh second hand cars were sold and bought in the previous financial year. This figure is more than the 2020-21 tally. In the previous fiscal, more than four crore second hand cars were sold globally.

According to the report prepared by Indian Bluebook and Das WeltAuto, by 2026 the demand for second hand cars in small towns is set to increase by 30 per cent. (Representative image)

The report said that the sales of second hand cars is set to reach 80 lakh units by 2026-27, which means a surge of 19.5 per cent. The ratio of old to new cars is set to reach 1.9.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More