Spinny Reports 40% Growth In Used Car Sales In 2023
Spinny, India's used car marketplace, reported growth. According to the year-end report of 2023, the company sees a change in perception of consumer behaviour by witnessing an increase of 13 per cent in online sales, which rose to 70 per cent in 2023, compared to 48 per cent in 2022. This includes 73 per cent of first-time car buyers this year.
Digitalisation and financing options helped Spinny grow by 40 per cent to the last calendar year. Owing to the increasing demand for used cars and the festive season during the latter half of the year, the growth rate in Q4 is 1.5 times higher than in Q3 in 2023. During the festive season, from October 15th (the first day of Navratri) until Diwali, Spinny sold over 8,000 cars. Stated Spinny in a release.
Maruti, Hyundai and Honda emerged as the most popular choices on Spinny, with models like the Grand i10, Baleno, and Kwid showcasing demand. 46 per cent of the customers opted for car financing through Spinny Capital. White, grey, and red were the preferred colours among Spinny buyers.
71 per cent of corporate professionals will buy used cars in 2023. Compact SUVs remained and kept growing as the preferred choice for Spinny buyers, followed by hatchbacks and sedans. The colour preferences varied by region, with red cars gaining popularity in Bangalore and Kolkata, Spinny reported.
Bengaluru, Delhi-NCR and Hyderabad were the cities with the highest demand for used cars in 2023. There is a consistent increase in women car buyers, with 35 per cent of women car buyers opting for Spinny cars.
Niraj Singh, the founder and CEO of Spinny, said, "The surge in demand for used cars reflects the trust our customers place in Spinny's offerings and services. A car is not just a purchase; it's a special addition to a home, and we’d keep going far to make it extraordinary for each customer. We are grateful for the journey so far and we would continue to keep innovating to add quality to the experience of every customer."
The used car market in India has been experiencing growth and is projected to jump from 4.6 million units in FY23 to 8 million in FY27.
Delhi NCR, Bangalore and Mumbai showcased luxury used car trends, with high demand from Jeep, BMW and Mercedes-Benz emerged as the top-selling car brands, with the Jeep Compass, Mercedes-Benz C-Class, and BMW X1 being the most popular models. White, black and blue were the top favourite colours among luxury car buyers.
