Spinny's 2024 Report Highlights Trends: First-Time buyers, compact SUVs, and growing shift to online car purchases

Spinny, a leading full-stack used car platform, has released its 2024 annual report, shedding light on notable trends in India’s growing used car market. The report highlights evolving consumer preferences, the rise of online car buying, and the increasing appeal of compact SUVs and hatchbacks among urban car buyers.  

In 2024, first-time car buyers made up 76% of Spinny’s customer base, an increase from 73% in 2023. The Renault Kwid and Hyundai Grand i10 retained their spots as the top two preferred car models, while the Maruti Suzuki Swift replaced the Baleno in third place. Hatchbacks remained the most popular vehicle category, underscoring a strong preference for compact, practical cars.  

The compact SUV segment grew by over 20%, with the Ford EcoSport continuing to lead in this category. These vehicles appeal to buyers seeking a blend of performance, space, and style.  

Spinny’s hub-based delivery model accounted for 74% of deliveries in 2024, an increase from 69% in 2023, highlighting the importance of physical car inspections. Home deliveries constituted the remaining 26%. Petrol vehicles dominated sales, comprising 82% of purchases, while diesel cars accounted for 12%. CNG vehicles made up 4%, and electric vehicles (EVs) held a modest 2% share.  

Women represented 26% of Spinny’s customer base in 2024, with 60% preferring automatic hatchbacks and 18% opting for compact SUVs. The average age of buyers declined to 32 years, compared to 34 in 2023, reflecting the platform’s growing appeal among younger audiences.  

The shift to online car buying continued, with 75% of purchases made digitally, up from 70% in 2023. Spinny also reported an increase in upgrades, with 22% of customers opting for a new vehicle in 2024, compared to 12% in 2023.  

Car financing remained a popular choice, with 56% of customers using this option. Among them, 60% were aged between 25 and 30. Spinny’s luxury car segment, Spinny Max, gained traction with popular models such as the Jeep Compass, BMW X1, and Mercedes-Benz C-Class. The Tata Nexon led EV sales, accounting for 60% of the category in Bengaluru, driven by a partnership with TataEV.  

Bangalore, Delhi NCR, and Hyderabad emerged as the top three cities for Spinny’s sales in 2024, reinforcing their status as major markets for used cars.  

As Spinny looks ahead to 2025, the company plans to focus on enhancing its services and strengthening customer trust. Reflecting on the year’s achievements, Niraj Singh, Founder and CEO of Spinny, said, “Delivering over 2 lakh cars by the end of 2024 marks a significant milestone in our journey. We remain committed to providing seamless experiences for our customers as we continue to grow.”