Spinny has registered a 63% rise in first-time buyers pan India, from August to October 2023, as per its report on used car trends for Q3 2023, as compared to 57% in Q2 2023.
Starting the festive season on a high note, Spinny delivered over 600 cars on the first day of Navaratri. The company saw significant growth, by selling over 2300 cars during the 9-day festive period. This trend is likely to continue as Dhanteras and Diwali approaches.
Easy financing options, rapid digitalisation, an increased need for personal mobility, lesser cost of ownership, etc. acting as growth drivers. While hatchbacks remained the most preferred option for Spinny buyers, there’s a growing demand for compact and luxury SUVs. When it comes to colors, Delhi NCR prefers white, silver, and grey; however, in cities like Mumbai, Kolkata, Bengaluru and Chennai, red colour is the popular choice, along with white and grey colors, notes the report. Commenting on the rise in demand for used cars on its platform, Niraj Singh, Founder and CEO, Spinny said “We've gone the extra mile by pushing a complete hybrid model that’s flexible to online to offline methods, our relentless commitment to a customer’s comfort and convenience. With over 600+ deliveries on the first day of Navratri, it’s a testament to playing a small part in big celebrations of customers. The trust in Spinny keeps pushing to set benchmarks in car ownership in the country”.
The press release further stated that Spinny Parks served more than 50% of deliveries. There was a 20% month-on-month growth in Pune, led by Spinny Park, and Spinny saw a 21% increase in completely digital transactions.
According to the company, the Hyundai Grand i10 is noted as the top choice in metropolitan cities.
Regarding trends in luxury used cars, the Max category has seen the highest demand in the Delhi NCR region, followed by Bengaluru and Mumbai. The company saw a consistent demand for luxury brands like Jeep, BMW, and Mercedes-Benz, with the BMW X1 Series, and Mercedes-Benz C-Class being the most popular models. Among luxury car buyers, black, blue, and red are the top colour choices.