The second-hand car business in the Indian market is growing rapidly, especially in second, third and fourth tier cities. Maruti Suzuki's pre-and-cars vertical, True-Value has also achieved rapid growth during the past few years. Being the first large organized player in the market, its network has spread almost all over the country. And it's meeting the growing needs of pre-owned (pre-used second hand) car buyers. According to data released by SIAM, 4 million used cars were sold in 2018. The figure is 1.3 times higher than that of new cars, noting that 3.4 million new cars were sold in 2018. This has made it clear that customers have increased their attitude towards old cars.
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In detail, Maruti has registered a growth of 20 per cent in the sector, while for the industry, it is 15-16 per cent. In the financial year 17-18, True-Value grew at the rate of 18 per cent. Sales of maruti-used cars have risen by about 13 per cent in the first two months of 2019. Even in small towns, the banjo is booming. In small towns (third and fourth tiers) the sector has grown by about 23-24 per cent.
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For your information, people who buy cars for the first time are now buying not only small cars but also small sedan cars. In fact, small hatch and small sedan cars make up 75 per cent of the cars used. The market ratio for cars and new cars used in many countries is projected to rise, even in developed countries, it is expected to reach 2.0. According to an estimate, the ratio is expected to rise from 1.2 to 1.7-1.8 in India over the next 2-3 years.
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