Since the onset of the festive season, the automobile industry has been quite optimistic about clocking robust demand after gauging buoyant customer sentiment. Gauging the festivity trend, the industry is highly expectant of registering a strong festive demand fueled by Muhurat purchases.
Deciphering the trend more closely, it is being observed that the premium segment of cars is contributing significantly to the demand projected in the market. But with customers these days being cognizant of the shrinking ownership period that is well coupled with the high depreciation rate of new cars, a significant shift towards pre-owned luxury cars has been observed in recent years.
Therefore, with the arrival of the festive season, the market looks quite promising for the pre-owned luxury segment as well. With customers getting premium cars that exude opulence while showing value for each penny spent, let’s take a look at the factors customers consider while making a purchase of pre-owned luxury car.
1. Segment
When it comes to segment, undisputedly, SUVs top the preference list of consumers. The unfettered love for the segment can be gauged from the surging demand for SUVs projected in the market. Offering high-end features coupled with the competent performance of the car, this category is highly preferred for experiencing extravagance. With a commanding road presence, SUVs are highly preferred for off-roading purposes that can be used for everyday commutability as well.
Following SUVs, sedans remain unmatched in disseminating that premium elegance. Sedans are highly sought for their agile handling, precise steering, and smooth acceleration, which make the perfect concoction for an enjoyable drive on curvy roads as well as in urban environments.
2. The age of the car
Looking at consumer behavior, it has been observed that 2-3-year-old cars are highly in demand. The cars in this particular bracket make for a good option considering the fairly new state of the vehicle coupled with the presence of updated technology in terms of mechanics or features. This is succeeded by a decent preference for cars ranging between 4-5 years old. Giving an adequate performance, the cars in this age category, clock a satisfactory demand. Going further, the demand plummet significantly for cars more than 5-6 years old, owing to the deteriorating state of the cars.
3. Fuel preference
The preference for petrol stays strong in the market. Petrol cars are highly desired for the fuel efficiency they offer while projecting a low maintenance cost and contributing to the dissemination of less pollution as compared to others. Hybrid cars are also gaining a lot of popularity given to their advantage of low operational cost coupled with no range anxiety. Diesel cars register the least demand in the market, keeping in mind the environmental pollution they create while imposing a higher maintenance cost as compared to other cars.
4.Color
Color also plays a determining factor while making the purchasing decision. Here, when it comes to color, white remains timeless. It can be considered to be the all-time favorite amongst the customers. Black and blue colorsare also in demand for boasting a good presence on the road. Going down the list, silver is the least popular color when it comes to selecting a car.
The author is a Co-Founder and MD of Luxury Ride.