secondhand cars: China's Next Big Innovation? A Used-Car Market, Auto News,  ET Auto

The international car market has been showing substantial growth over the last few years. Except for the last year, there is always a constant swelling in the used car market. You will be surprised to hear that second-hand car sales are twice more popular than the sale of new cars. So it implies that the number of potential second-hand car buyers is more now. Quite a few reasons have contributed to the fuelling of the used car sales market. Price is always the chief driving factor as buyers with budget constraints will always look for a cheaper option. When the price of a mediocre new car is almost the same as that of a used but much better model, why not prefer the latter?

Reduction in the ownership tenure

The facility of EMIs and loans has already been the chief reason for the high rate of asset sales, be it property or car. Modern generation people believe in buying a car on EMI or by taking a car loan. But you might get bored with the car soon. So you will look for a reputed platform like where you can sell the used car quickly, get the money, and buy another one. The reducing ownership period of the cars has been an interesting contributing factor to the second-hand car industry’s growth. 

Online communication

With the year 2020 being the turning point of the entire business concept globally, the online presence is all that matters for any industry. Digitalization has been a potent tool for spreading the word about any product on sale. Sharing the picture of the used cars on social media and other platforms is enough to draw the attention of hundreds of interested buyers. As customers can now browse through many used cars on online portals. It has made the system easier and convenient.