The Indian car market is evolving into a huge one because both the new car market and the used car market are growing significantly. In fact, the new car market growth, it seems to be lagging behind used car market growth. This is happening as it is no longer just a small group of people who want to buy a car.
Many people are now aspiring to have a car of their own and are open to selecting the best, even if it is used the car.
Now, the used car market typically follows the new car market in the sense that the popular new cars are the ones that become popular as used cars too. There is a huge variety of brands and models available in the used car industry and buyers find it difficult to choose.
But, with the influx of used car dealers with their savvy online presence and the growing influence of lenders on the buyers when they begin offering used car loans at attractive terms the used car market has acquired a stature of its own.
Just as the market for used cars is competitive, the secondhand car loan market is also competitive. Lenders like Tata Capital have begun to offer used car loans with various offers that entice used car buyers to avail secondhand car loans. Lenders including banks and NBFCs such as TataCapital offer used car loans almost mirroring the terms for new cars. Perhaps, this could be one reason why the used car market is growing faster than the new car market. Check your Used Car Loan eligibility.
If you are looking for a used car, where do you start?
The used car market is primarily dominated by the low price to the mid-price segment just as the new car market is. More than 60% of the used car market comes from these price segments which comprise a large number of brands and models of all major car makers out of which Maruti Suzuki and Hyundai being the leading brands. The remaining 40% comprises higher price brands and models.
Before you plan to buy a used car with a secondhand car loan, it is imperative to do your research. Look for the best option along with your budget and then go on choosing the one you want.
The popular brands and models in the different segments of the higher price used car market are as per details below:
Mid-price Hatchback Segment
The most popular segment is the mid-price hatchback segment because of the utility value and the comfortable cabin and storage space. Buyers prefer the more popular brands. The price segment is Rs 6-10 lakh. Buyers of these cars are the ones who have a large family or run a business. Some of the brands and models are
- a) Maruti Suzuki Ertiga, Brezza, Baleno – available between 6-9 lakh. Among the more popular brands and models
- b) Hyundai i20, Asta, Active – these are popular models available in the Rs 6-8 lakh price range
- c) Renault Duster – price range of Rs 6-10 lakh
- d) Toyota Innova – among the most popular brand in the price range of 7-10 lakh
- e) Volkswagen Polo – A popular car
This segment is a popular segment because buyers here want to self-drive a good car and they enjoy the power and comfort these cars offer. Further, this is a popular segment as a chauffeur driven car for top executives and businesspersons. Some of the popular cars in this segment include
- a) Skoda Octavia, Rapid, Laura – these are very popular models available in the Rs 6-12 lakh price range
- b) Renault Fluence – this model is also popular
- c) Volkswagen Vento – another popular model
- d) Honda City and Accord – these cars are popular in the Rs 6-12 lakh price range
- e) Toyota Crysta – a popular follow up to the Innova
High-priced sedans and hatchbacks
This is another popular segment with top names including Mercedes, Audi, Volvo, and BMW. These are coveted by upwardly mobile youngsters and middle-aged top executives. Some of the brands include Audi Q3, Mercedes CLA, E Class, BMW 5 Series and Volvo.
These cars are available in the price range of Rs 15-50 lakh depending on the age of the car and the condition.
This segment is very popular and there are all the leading super brands available on the market. Some of the more popular brands include the Toyota Fortuner, Prado, Mercedes, Audi, Volvo, BMW, Jaguar Land Rover.
These cars are top of the line and the buyers include top executives and high net worth individuals who use them as a second or third vehicle and also as a status symbol. These cars are available at prices ranging from Rs 25 lakh and going all the way up to Rs 50 lakh.
The top-end car segment is quite popular not necessarily in terms of quantity but in terms of value. There is a wide choice of such cars available on the market. These cars get sold as pre-owned cars through company-owned second-hand car outlets.
The options are many. With a good second-hand car loan from an NBFC like Tata Capital, you, too, can buy the car that you want and desire!