Over the years the pre-owned auto market has seen a steady increase in the sales due to the ever-increasing consumer base and demand. Keeping in mind, the recent situation where-in due to the lockdown phase for COVID 19, the economy has been bruised and the purchasing power of people have taken a hit, mindful purchasing by consumers will gain maximum momentum.
Post the lockdown consumers will focus more on purchasing of products (high end and retail) based on need and not on want or desire.
Hygiene and need-based mindful purchasing will also drive the Millenials, who were comfortable till now opting for public transport, to look at private & personal mobility in new light. Thus the decision to opt for a pre-owned car at a reasonable price giving the same mileage and service as almost a new car will be more attractive as the budget has definitely taken a hit during these challenging economic times.
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May - June 2020