Spinny Max, the used luxury car business for Spinny, saw high demand from young customers on its platform, with BMW, Audi and Mercedes-Benz leading the charts.
The company says as per industry estimates, India’s used-luxury-car market is growing close to 20 percent annually, with sales volume averaging more than 60,000 units a year. The market is becoming more transparent and organised on the back of full-stack players.
Seeing young India’s aspirational consumption and its appetite for luxury vehicles to fulfill their demand, Spinny says it launched Spinny Max last year. The brand provides all-India home delivery service across 250 cities and has physical hubs in Delhi NCR, Bengaluru and Mumbai.
There is a substantial increase in pocket size, inspiring the younger generation to explore the luxury car segment. It attributes much of the growth to the rising aspirations of young customers, frequent launches of products, increased options and transparency for the buyers, easier availability of finance, insurance, servicing, warranty options, and better awareness.
As per the year-end report 2022 by Spinny Max, BMW, Audi, and Mercedes-Benz led the chart in terms of preferred brands among consumers. In terms of models the Audi Q3, Mercedes-Benz C-Class and BMW 3 series were the top favourites among consumers. The company also saw a growing demand for brands such as Jaguar Land Rover and Volvo among others. In terms of colours white, grey, and black, specifically in that order, were the top demanded models for Spinny Max customers. Cities like Gurugram, Delhi, Bangalore, and Mumbai saw the maximum number of buyers in the luxury car segment.
Niraj Singh, Founder and CEO, Spinny said, “Luxury used cars segment saw a massive uptick in 2022. The market emerged as great value for money as it allows accessible luxury. In addition, used luxury vehicles in the pre-owned market tend to have a lower average age compared to non-luxury brands, making them an attractive option. We realised that with the rise in disposable incomes, professionals in the age group of 30-40 are increasingly aspiring to own luxury cars much earlier in their lives. As a result, there is a surge in demand for used luxury cars in metros as well as tier-1 cities. Interestingly, even tier 2 and 3 cities are now experiencing substantial traction in this segment, thanks to organised retail platforms that offer premium experience and services.”
The company found that approximately 5,000 people test-drove Spinny cars with a C-Sat score of 93 percent and 70 percent being first-time luxury buyers.