Chennai’s second-hand vehicle market has grown thanks to people preferring private transportation.
What’s it about? An increase in ownership transfers has led to a 31% increase in the city’s second-hand vehicle market. In part due to the pandemic, people have preferred private transport. About 80% of transfers are two-wheelers, as the demand for good quality pre-owned bikes is still high.
- Before the pandemic, more than 75,000 vehicle ownership transfers were made at RTOs in the region. This year, it could exceed 1 lakh since not all second-hand vehicle sales are registered.
- Pre-owned cars are about 30% cheaper than new ones. Auto dealers also help customers transfer ownership with a one-year guarantee.
Who said what? J Bhakiaraj of Spinny said sales were low when they launched in 2018. The pandemic changed things as people sold their expensive cars to buy cheaper ones. They currently sell 250 cars a month. T. Ravishankar of TSM Cars said the wait time to buy a new car is high. Some customers prefer to buy the pre-owned model if it’s low-run and well-maintained.