71% of corporate professionals bought used cars in 2023, says Spinny

Spinny's year end report of 2023 witnessed 71% of corporate professionals buying used cars in 2023. Compact SUVs remained the keeps 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.

With digitalisation and easy financing options, Spinny grew by more than 40% vis a vis 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 more than in Q3 of this year. During the festive season from 15th October (first day of Navratri) till Diwali, Spinny sold over 8000 cars.

Here are some other highlights the company report gave.

46% of the customers opted for car financing through Spinny. 

Bengaluru, Delhi-NCR, and Hyderabad were the cities with the highest demand for used cars in 2023. The company also witnessed a consistent increase in women car buyers, with 35% of women car buyers opting for Spinny cars.

With luxury used car trends, Spinny Max observed high demand from Delhi NCR, followed by Bangalore and Mumbai. Jeep, BMW, and Mercedes-Benz were the top-selling car brands, with Jeep Compass, Mercedes-Benz C-Class, and BMW X1 being the most popular models. White, black, and blue were the top favorite colors among luxury car buyers.

The used car market in India has been experiencing robust growth and is projected to jump from 4.6 million units in FY23 to 8 million in FY27.