Pre-Owned Vehicles / Used Vehicle Resale Market
This is a very old but unorganised segment of market in which people buy and sell their used vehicles.
Pre-Owned Vehicle Concept – They are different from other used vehicle seller because they inspect, refurbish, and certify by a manufacturer or other certifying authority. They also typically include an extended warranty, special financing, and additional benefits.
Cars are the most popular in this segment to be sold and purchased.
They say, ” Rich people buy new car and Intelligent people buy second hand car.”
Maruti has set the trend in Indian market by launching its Maruti True Value operations nationwide. Now almost all car manufacture has its used car segment. Hyundai, Tata, Mahindra, Toyota, Chevrolet, Honda to name a few.
Similarly Commercial Vehicle also has its own pre-owned channel.
Interesting Fact
Total size of used car market is 30 Lac units per year. Oraganised sector has a share of 15 per cent in this.
The used car market is already bigger than the new car market and is growing at a much faster pace compared to the new car market.
