Car production capacity has been affected by factors such as staff shortages and rising prices of capital goods. Not only this, the economic power of the public to buy a car has diminished due to the sharp rise in prices. In such an environment, sales of used vehicles have increased.
Maruti company comment
Shashank Srivastava, Maruti Suzuki’s Chief Executive Officer, said: In such an environment, buying used cars is a good fit for their budget.
At the same time, many states are revoking the registration number of vehicles used for more than 10 years and taking steps to destroy those vehicles. As a result, the value of vehicles that have been around for 10 years has plummeted, ”he said.
Decline in the number of new car buyers
The general public will often buy a used car and sell it after a period of time, planning to buy a new car with the money and savings available. But the number of new car buyers selling old cars like this has dropped from 18 percent in the pre-Corona period to 18 percent now.
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This is because nowadays car buying owners are planning to use it for a long time. In particular, they have been using a car for 8 to 9 years. However, Maruti Suzuki India’s chief executive Shashank Srivastava says the opposite is true. That means, in February of this year, the number of car buyers on an exchange basis increased by 19 percent, he says. At the same time, Mahindra CEO Ashutosh Pandey said demand for used cars has increased as supply of new cars has declined.
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