It's interesting to see that India’s used car market has been showing a stable growth than the new car market. As per the Economic Times report , from 1.6 million units in 2011, it is now pegged at 3.3 million units (Sept 2018). According to Nagendra Palle, MD, Mahindra First Choice Wheels Ltd, the used car or pre-owned car market will continue to grow at a steady pace of 15% to touch Rs 2,50,000 crore or 6.6 million units by 2021. There are multiple reasons why used car market is flourishing in India – reduced ownership of first-hand cars will go down to 3.5 years by 2021 from 6 to 7 years. This is one of the reasons which has increased the flow of used cars in the market. Another reason is that the quality is improving with varied options and lastly, with used car market getting organized with the help of players like OLX Cash My Car has increased the credibility of the service as well as gradually changing the consumer mindset too. There are multiple reasons why buyi...
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