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India’s Used-Car Market to Grow 50% by 2023
India’s used-car market will expand to 6.6 million vehicles per year by 2023 from 4.4 million in the current fiscal year, predicts online marketplace OLX.
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India’s used-car market will expand to 6.6 million vehicles per year by 2023 from 4.4 million in the current fiscal year, predicts online marketplace OLX.
Demand for used cars, already greater than India’s new-car market, should reach 5 million units in 2020, the online service says. The market’s value is expected to balloon from $14 billion this year to $25 billion by 2023.
OLX says Indian consumers under the age of 38, which represent about one-third of India’s population, are driving used-car sales.
More than half of those it polled believe they get a better price by selling their used cars online. One-third use the proceeds of a sale to buy a new car, and 17% apply the funds to purchase a better-used car.
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