Spinny, a full-stack used car marketplace has announced its year-end report of 2023, witnessing an uptick of 13% in online sales, which rose to 70% in 2023, compared to 48% in 2022. This it says indicates a growing interest and trust in the company with 73% of sales coming from first-time car buyers this year.
With digitalisation and easy financing options, the company says it grew its sales by more than 40 percent compared to last year. Owing to the increasing demand for used cars, and the festive season during the latter half of the year, the growth rate in Q4 was 1.5 times more than in Q3 of this year. During the festive season from October 15 (first day of Navratri) till Diwali, it sold over 8,000 cars.
The growth rate in Kochi, especially during Onam, outpaced that of Q1, with a remarkable 1.8x increase. The platform also experienced heightened demand during the Onam celebrations in Kochi, as evidenced by 287 cars sold on the festival’s inaugural day, followed by 179 on the 10th Day (Thiruvonam).
In terms of popular brands, Maruti Suzuki India, Hyundai Motor India, and Honda Cars were the most popular brands on Spinny, with models like Grand i10, Baleno, and Kwid, leading the charts. Interestingly, over 46% of customers opted for car financing through Spinny Capital. White, grey, and red were the preferred colours among used-car buyers.
The company says 71% of corporate professionals buying used cars in 2023. Compact SUVs remained the keeps growing as the preferred choice for buyers, followed by hatchbacks and sedans. The colour preferences varied by region, with red cars gaining popularity in Bengauluru and Kolkata.
The company findings also reveal that Bengaluru, Delhi-NCR, and Hyderabad were the cities with the highest demand for used cars in 2023. It witnessed a consistent increase in women car buyers, with 35% of women car buyers opting for Spinny cars.
Niraj Singh, Founder & CEO, Spinny said, “A car is not just a purchase; it’s a special addition to a home, and we’d keep going far to make it extraordinary for each customer. We are grateful for the journey so far and we’d continue to keep innovating to add quality to the experience of every customer. “
The used car market in India has been experiencing robust growth and is projected to jump from 4.6 million units in FY2023 to 8 million in FY2027.
