Car O Meter
Demand for Luxury Pre-Owned Cars in Top Gear
1 min read
•
Jul 27, 2021
By Sricharan R, Autocar Professional
Big Boy Toyz aims to increase its premium pre-owned car business five-fold by 2023 and sees this segment as a critical catalyst for new car sales.
Premium pre-owned car company Big Boy Toyz is already benefiting from growing demand. According to Jatin Ahuja, founder and CEO, Big Boy Toyz, the used car market has seen exponential growth after the pandemic.
“The used car market is growing exponentially post pandemic. Even during the pandemic, customers preferred buying used cars. It was predicted that the used car market would fall due to the pandemic but the reverse happened. However, transporting and delivering the car was a challenge due to movement constraints. But now it will be right to say that the used car industry is in good shape.”
He adds “In the luxury used car segment, cars priced between Rs. 75 lakh to Rs. 1 Crore are the most preferred price bracket. Cars like the Mercedes-Benz GLE and GLS, BMW X5, BMW 7- Series and Mercedes S-Class will see continued demand in the times to come. Markets in Southern India and Maharashtra are doing well.”
BBT aims to increase its business by five times in the next three years. The CEO points out that the used car vertical is critical to keep fuelling the new car business as well.“In the next five years, the pre-owned car segment will double in size. In comparison to new cars, currently the ratio is 1.2: 1 (wherein new cars are 1 and used cars 1.2), we see the shift to 2.2: 1, due to growing demand and changing preferences. According to Allied Market Research, the global used cars market will reach $1,355.15 billion, globally, by 2027 at 8.3 percent CAGR,” signed off Ahuja. India, clearly, will be part of that action.
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