PRNewswireGurugram (Haryana) [India], June 9: The luxury car market in India is continuously growing. The industry is slated to reach an unprecedented milestone of 43,000 to 45,000 cars in 2023, despite slow economic growth in the country. The surge in numbers is being driven by a variety of factors, including rising incomes, increased dependence on personal mobility and a growing desire for luxury among Indian consumers, which reflects well in the growth trajectory of luxury car sales.
Recently, Mercedes, the largest luxury car maker in the country, announced its best-ever first-quarter sales numbers at 4,697 cars, which equates to a 17% growth. Porsche India and Lamborghini are the other two luxury car makers that recorded the best sales last year.
However, the high taxes levied on luxury cars in India are making them out of reach for many people. As per the Union Budget 2023, the government has proposed an increase in the import duty on cars. The tariff on completely-built units (CBU) is going to seek a hike of 70% from 60% in taxation, while semi-knocked down (SKU) units, including electric cars, will see a surge in tax from 30% to 35%.
This has not only increased the cost of luxury cars, but has also led to a rising demand for pre-owned luxury vehicles. Car buyers are now showing immense interest in buying luxury models. This upward trend is due to robust second-hand retailers who are catering to the growing market.
Reasons Why People Are Choosing to Buy Pre-owned Luxury CarsIn addition to the factors mentioned above, several other reasons contribute to the growing popularity of pre-owned luxury cars, which are as follows:1. Price Point: Luxury cars are typically associated with higher costs, and purchasing a new luxury vehicle can be a considerable investment. By purchasing a pre-owned luxury car, buyers can enjoy an invaluable experience and technical performance at a significantly lower price. One can compare the cost of new vs2. Better Features: Luxury cars often have advanced features and technologies that enhance the driving experience. By opting for a pre-owned luxury car, buyers can enjoy these high-end amenities at a lower cost compared to buying a new one. This allows buyers to access premium features without paying the high price of brand-new vehicles.
3. Variety of Options: The pre-owned luxury car market offers various models. Buyers have more options to choose from, allowing them to find a car as per their specific needs. From used Mercedes in Mumbai to4. Warranty: Car retailers sell certified second-hand vehicles, which gives buyers a peace of mind. The rigorous inspections and warranty provided by them alleviate concerns about the reliability and condition of the pre-owned luxury car. In the case of Spinny, customers have the option to buy aThe growing demand for pre-owned luxury cars is a positive development for the Indian automotive industry. This provides an opportunity for people who cannot afford new luxury cars to experience the joy of owning a luxury vehicle.
Founded in 2015, Spinny is a full-stack used car retailing platform that aims to bring about transparency and convenience in buying and selling pre-owned cars. As a testimony of Spinny's commitment to transparency and quality, every vehicle on their platform comes with a 200-point inspection checklist, 5-day money-back guarantee, and 1-year after-sales warranty. Spinny has about 36 car hubs operating across 22 cities in India. Last year, Indian cricket legend Sachin Tendulkar partnered with Spinny as a strategic investor and a lead brand ambassador. Sports icon, PV Sindhu, a believercustomer of Spinny, is also a part of a series of marketing initiatives focused on realising the aspirations of a billion car dreams.
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