Pre-Owned Car Finance Market Witness Surge In Pune
Reported by Tikam Shekhawat
Pune, 11th June 2024: The pre-owned car market in India is experiencing rapid growth, with recent surveys showing only 3 out of every 100 Indians own a car, compared to 80 out of 100 in the US, stated Gajendra Jangid, Co-founder of CARS24, while speaking to the media in Pune.
CARS24, a leading AutoTech company, is driving this growth by leveraging technology and offering 0% down payment finance with flexible EMIs up to 5-6 years. In Pune, approximately 60% of pre-owned cars are financed, with CARS24 selling around 300 cars per month and expecting a 30% growth in FY 2024-25, stated Gajendra Jangid.
Since its start in 2019, CARS24 Financial Services Pvt Ltd (CFSPL) has disbursed over INR 336 crore in car loans in Pune, achieving a 30% year-on-year growth in car financing. This trend reflects a shift where car ownership is increasingly seen as a necessity. The average age of individuals opting for car financing is 34 years, indicating a growing preference among young professionals.
In Pune, the most financed models include the Wagon-R, Swift, and Hyundai GRAND i10, favored for their affordability and efficiency. With 59% of Pune’s car buyers opting for financing, CARS24 offers varied financing options, including an average EMI of INR 12,000 over 60 months at an average interest rate of 15.2%.
