The Future and Challenges of the Preowned Car Market in India - A case study

Abstract

The requirement of human beings always brings new concepts and designs to the world. A preowned market is one such important need of the present modern arena. The preowned market has grabbed customers' attention since the trend of exchanging goods without any money was introduced. If we look closely, this concept was initially implemented by the Mughal emperors, which regained attention. There are many reasons this resale market is worthy enough, the best alternative and excellent competition for the new manufacturing units. This preowned market is not only best given economic reasons but also impactful for social and ethical reasons. Among many preowned markets in India, the preowned automobile industry has gained an excellent market in a concise period. The regular transfer of individuals and continuously and drastically changing technology is the primary reason behind the increased preowned automotive market. Another essential reason is expendable income and accessible financial support from various agencies, specifically for pre-owned cars. Considering the rapid increment in the preowned car market, this company analysis article investigates one of the significant trending companies called CARS24 in the preowned car market. This study is based on various surveys and analyses from different customers and showrooms. This analysis also considers the cumulative findings and suggestions to overcome the present problems related to preowned cars.