Chennai: Used luxury cars are flooding the sales highway. Used car retailers and luxury car dealers say demand has already doubled in the ‘sweet spot’ of Rs 25-30 lakh as premium sedan upgraders opt for bargains in used entry-level luxury vehicles.
Early luxury car buyers are flocking to the used market to buy models like the Mercedes Benz C-Class, BMW X1 and Audi A6 among others. Said Ashutosh Pandey, CEO of Mahindra First Choice Wheels: “Essentially the Rs 15-18 lakh premium sedan segment has disappeared and that gap is being filled by the premium luxury pre-used models available in the sweet spot. Rs 25-30 lakh.”
Typically, customers who already drive premium sedans like the Toyota The Corolla or the Honda Civic move on to used luxury vehicles. Mahindra First Choice Wheels has already seen its share of used luxury vehicles increase from 5% to 10% per month, he added. Sedan upgraders are joined by those driving SUVs in the Rs 15-20 lakh price bracket. Sumit Gargco-founder and managing director of used luxury car retail brand Luxury Ride, said: “Consumers who already drive cars like the Toyota Innova or Mahindra XUV500 are also looking at used models like the Mercedes Benz CLA and C-Class, Jaguar XE and BMW X1 which are all available in the Rs 25-35 lakh range.
Indeed, the new versions of these models have increased by almost Rs 20-30 lakh due to BS6 and rising commodity prices.
The current price range for used luxury cars is around Rs 18-25 lakh for a Mercedes-Benz GLA, while Mercedes-Benz C-Class is at Rs 22-30 lakh and BMW X1 is at Rs 18-25 lakh, the Audi A6 at Rs 22-30 lakh and BMW 3 Series at between Rs 16-24 lakh, Garg added.
. The appetite for used luxury is strong enough that used car platforms are branching out beyond the mass market. spinny unicorn for example recently launched its luxury segment SpinnyMax with an assortment of more than 500 cars and delivery service in 250 cities, as he saw “young India’s appetite for luxury vehicles”, said co-founder and CEO Niraj Singh.