Using public transport has become a big no-no in the times of Coronavirus. Given this effect, the sale in used bikes and cars has surged it all time high. Since the beginning of the lockdown people have been eyeing this market as their only source out. As a result of this used vehicle marketers like Mahindra, Droom and Cars 24 have grown their sales higher than least years.
Drooms founder and CEO, Sandeep Aggarwal said that the traffic on his site has upped to 175% and leads have bumped upto 250%. He has approximately $6 Billion worth of inventory on the platform. The slight difference in the ration being that the customers who would go for the basic Swift, Dzire, Honda City etc, due to the current lockdown, their ability to buy has reduced 13-15%, thus leading them to scale down their choices to slightly cheaper vehicles.
Financing, however has increased by 20-30% after the lockdown. The major cahllenge is still faced by the two wheeler sector. All these leading circumstances have pushed the prices of used vehicles by 1-2%.
