Spinny sees a 20% surge in first-time SUV buyers in Q124

Used car marketplace Spinny saw a 20% increase in first-time buyers in the SUV segment, in the first four months of CY24, registering a 10% jump from the same period last year. This trend indicates a growing demand for SUVs among consumers even in the used car space.

Compact SUVs keep growing with Ford EcoSport, Hyundai Creta, and Tata Nexon emerging as top picks for the customers.

"Our commitment to delivering a simple and delightful car-buying and selling experience remains unwavering. The surge reflects a significant shift in consumer preferences towards versatile and spacious vehicles. We are meeting our customers' evolving needs by providing a wide array of high-quality cars,” Niraj Singh, Founder & CEO of Spinny, said.

Overall, Spinny saw 73% first-time car buyers, including all segments. “Our dedication to transparency, convenience, and unparalleled customer service ensures a seamless and satisfying car-buying experience and selling experience for every individual,” Singh adds.

Amidst a diverse array of choices, Spinny customers have exhibited the strong preference for renowned brands such as Maruti, Hyundai, and Tata, the company said. In addition to the SUV trend, Spinny's data reveals a significant shift in consumer preferences towards hatchbacks, with models like the Renault Kwid, Hyundai Grand i10, and Tata Tiago4 leading the charts. The pre-owned luxury car segment also saw growth in Tier 2 and Tier 3 cities. Brands like BMW X1, Jeep Compass, and Mercedes C-Class have gained popularity, enjoying the growing appetite for luxury vehicles in these regions.

In Q1 CY24, Bengaluru, Delhi-NCR, and Hyderabad emerged as the top cities driving demand for used cars. Spinny customers exhibited a clear preference for manual transmissions, constituting 70% of purchases, while automatic cars made up the remaining 30%. “Notably, demand for automatic transmission vehicles has surged by 10% compared to last year, highlighting a significant shift towards a more convenient driving experience. March’24 saw the highest sales volume to date,” Spinny said.

The company also witnessed a consistent traction in women car buyers, with 36% of women car buyers opting for Spinny cars, which surged to 46% in March alone. Additionally, 60% of the company's sales happened digitally, highlighting the growing preference for personal mobility and the convenience of online transactions.

Over 54% of Spinny's customers have opted for car financing through Spinny loans, facilitated by easy financing options and a broader digitalisation trend. This is a significant jump from last year with 46% of consumers opting for loans.

Spinny has received a customer base exceeding two lakhs; 25% of Spinny buyers have chosen the convenience of home delivery. Additionally, 50% of all car sales are from the dedicated Spinny Parks located in Bengaluru, Kochi, Ahmedabad, and Pune, the company said.