Supply of used cars falls with slowdown in new car sales, may trigger price hike

The boom in the used car market during the Corona epidemic has completely changed the business of selling cars. In which companies are coming up with huge demand figures for pre-owned vehicles, in which the supply shortage is easily seen. Which has seen a slowdown in new car sales as used car inventory among customers has been affected more in recent times.

The boom in the used car market during the Corona epidemic has completely changed the business of selling cars. In which companies are coming up with huge demand figures for pre-owned vehicles, in which the supply shortage is easily seen. Which has seen a slowdown in new car sales as used car inventory among customers has been affected more in recent times.

The supply of pre-owned cars in the used car market has been greatly affected. Of which about 25% to 30% of passenger car buyers are buying used cars only due to the economic situation, even after the idea of ​​buying new cars. The market is not seeing the same situation as before, because consumers are not interested in more vehicles now than before.

According to data from the Federation of Automobile Dealers Association, passenger vehicle (PV) registrations in August 2020 saw a year-on-year decline of 1,78,513 units, with a 7.12% count, with the festive season and supply chain discounting has gone. You may be surprised to know that the size of the used car market has increased by about 1.5 to 1.7 times as compared to the new tax.