Surge in Search for Used Cars
The Used Car Trigger: COVID-19 has completely dislocated how people view commuting and numerous surveys have already suggested that people are likely to be reliant much more on Personal Transport than ever before. However this desire dislocation also comes at the same time as economic dislocation – Job Losses and difficulty in getting a loan. As a consequence, the search for Used Cars has surged since the middle of the Lockdown period by 10-15% over 2019 levels.
A survey by Cars 24 had highlighted this possibility in April 2020. With some ease in the lockdown, there is a surge in queries for Second Hand / Used Cars. This trend is visible not just in India but also in the United States and all over the world
Which Big States are leading this trend?
- Tamil Nadu
In 2019, the top 5 States in the Used Car Market Included – Kerala, Tamil Nadu, Karnataka, Punjab and Maharashtra. So it appears that IT States of Karnataka and Telangana have moved up the ranks when it comes to the Used Car Market.
New Car search is also up but not as much: As far as search for Car is concerned, there are some changes. Rajasthan which used to lead in 2019 is now ranked 3rd. Madhya Pradesh which was 2nd (amongst the bigger States) is now 6th. Haryana which was 3rd is now 4th.
Which States have moved up when it comes to searching for Information about Cars?
Karnataka is now 1st, it was 7th last year. Kerala is 2nd, it was 5th last year.
Overall, COVID-19 is turning out to be some sort of boon for the automotive market after having struggled for years. However, they can start celebrating only when the Lockdown ends properly.