Registering strong growth momentum in 2022, Spinny Max expects demand for luxury cars from Tier 2 markets as well in 2023
Young Indians are not compromising and driving the luxury segment for used cars in 2023
Bangalore, 6 February 2023: As per industry estimates, India’s used-luxury-car market is growing close to 20% annually, with sales volume averaging more than 60,000 units a year. Thanks to the full-stack players in the ecosystem, the market is becoming more transparent & organized. Seeing young India’s aspirational consumption and its appetite for luxury vehicles to fulfill their aspirations, Spinny launched Spinny Max – a luxury used car segment last year to create a niche in the market for luxury automobiles. Closely analyzing the available trends in 2022, consumers are finding solace in pre-owned luxury cars. Spinny Max provides pan-India delivery home service across 250 cities and has physical hubs in Delhi NCR, Bangalore & Mumbai.
There is a substantial increase in the pocket size, inspiring the younger generation to explore the luxury car segment. Much of this growth can also be attributed to the rising aspirations of young customers, frequent launches of products, increased options and transparency for the buyers, easier availability of finance, insurance, servicing, warranty options, and better awareness.
As per the year-end report 2022 by Spinny Max, BMW, Audi, & Mercedes lead the chart in terms of preferred brands among consumers. In terms of car models, Audi Q3, Mercedes-Benz C-Class & BMW 3 series were the top favourites among consumers. Spinny Max also saw a growing demand for brands such as JLR, Volvo etc as per the current market trends. Colours like white, grey, and black, specifically in that order, are among Spinny Max buyers’ favourites. Cities like Gurugram, Delhi, Bangalore, and Mumbai saw the maximum number of buyers in the luxury car segment.
Niraj Singh, Founder and CEO,Spinny commented, “Luxury used cars segment saw a massive uptick in 2022. The market emerged as great value for money as it allows accessible luxury. In addition, used luxury vehicles in the pre-owned market tend to have a lower average age compared to non luxury brands, making them an attractive option. Each car is thoroughly vetted and test drives and ownership, with an option of extended warranty are designed with highest levels of quality and support keeping customer delight and simplicity at the forefront.”
“We realised that with the rise in disposable incomes, professionals in the age group of 30-40 are increasingly aspiring to own luxury cars much earlier in their lives. As a result, there is a surge in demand for used luxury cars in metros as well as tier-1 cities. Interestingly, even tier 2 and 3 cities are now experiencing substantial traction in this segment, thanks to organised retail platforms that offer premium experience and services.”, he added.
In addition, approx 5000 people test-drove Spinny cars with a C-Sat score of 93% & 70% were first-time luxury buyers.
Spinny Max shipped more than 50 cars across India including places such as Nanded (Maharashtra), Patna, Nasik, Shimla, Kozhikode, beyond the core markets of Delhi NCR, Mumbai and Bangalore.To ensure the optimum quality of products, Spinny MAX sources its stocks largely from individuals.