Hyundai's Pre-Owned Car Sales Grow by 5.8% in 2024, Driven by Certified Program Success

Hyundai Motor India Limited (HMIL) reported sales of 157,503 pre-owned cars through its Hyundai Promise program in 2024, marking a 5.8% increase from the previous year. The company's certified pre-owned car segment contributed 35,553 units, representing 23% of total volume.

The i20, CRETA, and GRAND i10 models accounted for 55% of certified pre-owned sales. In the SUV category, which made up 21% of certified sales, the CRETA led with 13% of total sales, followed by the VENUE at 8%.

"The pre-owned car market in India needs improvement in transparency, trust, and reliability," said Tarun Garg, Whole-time Director and Chief Operating Officer at HMIL. He noted that the CRETA maintains over 70% of its original value after three years.

The company achieved an exchange outreach of 20.4% in 2024, its highest to date. Hyundai Promise, which operates through 600 dealers across India, has sold over one million pre-owned cars since its inception.

Certified pre-owned vehicles undergo a 161-point inspection before sale. The program offers a one-year comprehensive warranty for cars under seven years old and a six-month engine and transmission warranty for vehicles between seven and ten years. Additional benefits include roadside assistance and complimentary services.

The pre-owned car market in India has seen steady growth over the past decade, driven by increasing vehicle ownership and a shift in consumer preferences toward organized dealers. Industry analysts estimate that the pre-owned car market is now larger than the new car segment in terms of units sold.

Hyundai's digital platform, 'Click-to-Buy', allows customers to browse certified pre-owned inventory, schedule test drives, and complete bookings online. The company has also introduced a dealer app for streamlined vehicle evaluation and pricing.

Hyundai Promise maintains its position as India's second-largest manufacturer-operated pre-owned car program, competing in a market that includes Maruti Suzuki True Value and Mahindra First Choice.