A used car
is one which had one or more users previous to the present owner whereas a refurbished car is one which has been remanufactured or refitted by the manufacturer because of some technical issues. The used and refurbished car market has been a blooming segment in the growing automotive industry in the past few years. The estimated value of used cars market is almost close to the value of new cars market. The used cars market has grown tremendously and has become an integral part of the automotive value chain.
The consumer’s inability to buy new cars due economic crisis, has led to a significant growth in the used car market. With the increasing average age of cars due to technological advancement is also supporting the used car market. Moreover, the manufacturers played a key role in this growth as they opened option of trading in old cars for new cars; this has increased the volume of used cars in the market.
In the last few years the automotive market has seen poor sales of new cars, this has drawn the attention of the manufacturers to the used and refurbished car market
. Major players like Maruti Suzuki, Hyundai and TATA motors have entered the used cars market with their subsidiaries.
Maruti Suzuki’s True Value, Hyundai’s HPromise, Mahindra First Choice and TATA Motors’ Assured are major players doing significantly well in this segment. As the used cars have helped the manufacturers to capitalize in the weakening new cars market, automotive giants like Audi and Mercedes-Benz has also shifted their focus to this segment.
With the growing used and refurbished cars the market has seen the entry of many auto classified portals. The web portals like CarTrade.com, Autotrader.com and autoscout24.de are some of the portals doing great in this segment. With the reducing age and growing number of first time buyers the used and refurbished cars market
is forecast to continue a strong growth in the years to come.
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