New Delhi: A recent study on the trends in car purchasing has indicated that approximately 67 percent of car buyers in India are first-time purchasers.
This report, conducted by the retail platform Spinny, posits that there is a notable increase in the enthusiasm for car ownership across India.
Furthermore, the study suggests that around 30 percent of buyers are female.
"Data reveals a significant surge in first-time car buyers, constituting 67 percent of all customers, with a notable gender distribution, with 30 percent of buyers being female," the report elucidates, covering the period from June 2024 to August 2024.
The segment of compact SUVs has witnessed the highest growth rate, with a 12 percent increase over the preceding quarter.
The analysis also indicates that 83 percent of car buyers prefer petrol-powered vehicles, with diesel cars chosen by 12 percent of the customers and 5 percent selecting compressed natural gas (CNG) models.
Moreover, the report highlights that red, white, and grey are the most favored colors among car buyers.
It further notes a growing preference for financing options, with a 60 percent increase in the number of buyers opting for car financing.
According to the study, there has been a notable increase in hub deliveries, with 82 percent of buyers choosing to collect their vehicles from the selling platform's hubs, as opposed to 18 percent who preferred home deliveries. This represents a 7 percent increase in hub deliveries compared to the previous quarter, as detailed in the report.
In response to the emerging trends, Niraj Singh, the Founder and CEO of Spinny, remarked, "It's fascinating to observe how our dynamic nation continues to evolve, reflecting its diverse tastes and encouraging us to improve our services."
Additionally, the report highlights an interesting shift towards manual transmissions, with 76 percent of buyers selecting manual transmission vehicles, an increase from 70 percent in the previous quarter, while the preference for automatic transmissions has decreased to 24 percent from 30 percent.
The study also points out a robust growth in the used luxury car market within urban areas, with a growing preference among young Indians for luxury vehicles. Delhi emerges as the leading city in this trend, followed by Bengaluru and Mumbai.
