Share of first time buyers rises to 54 percent in Q3 for Spinny | The Financial Express

Share of first time buyers rises to 54 percent in Q3 for Spinny

Hatchbacks remain the top choice of customers with Hyundai, Maruti Suzuki & Honda as the top in-demand car brands.

Share of first time buyers rises to 54 percent in Q3 for Spinny

Spinny, a used car company in India, has reported a significant growth in its used car inventory in the third quarter of 2022. As per the report, online sales grew by 52 percent compared with 44% in quarter 2,  indicating the trust & transparency among the consumers. 

Furthermore, 54 percent of the third quarter customers were first time buyers with the majority being between 30-40 years. About 32 percent of the buyers were women in what has been a constant demand, the report said.

Spinny witnessed a high demand for used cars from Bangalore, Delhi-NCR, and Hyderabad in the third quarter. Additionally, hatchbacks remain the top choice of customers with Hyundai, Maruti Suzuki & Honda as the top in-demand car brands, and Elite i20, Grand i10, and Baleno topping the chart for the top three car models. 

Colors like white, grey and silver, specifically in that order, take the top favorite spots among Spinny buyers. 

According to Spinny, the surge in demand for used cars is due to the rising need for personal mobility, progressive gender and demographic shifts, economics and the acceptance of used cars. 

Niraj Singh, Founder and CEO, Spinny, said, “During the festive season, consumers like to make special purchases, and our team has been ready to serve each and every customer. We continue to move closer to our goal of providing quality automobiles to every household in the country.”

Spinny said that it had witnessed a positive growth with the auspicious beginning of Navaratri. Over 307 cars were sold by the brand on the first day alone, followed by 204 on the 10th day (Dussehra), indicating a positive trend with the festive season ahead.

Further, Spinny Max has witnessed a constant demand for brands like Audi, BMW, and Mercedes in metro cities. Audi Q3, Mercedes-Benz C-Class, and BMW 3 Series have been the most sought after car models. 

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First published on: 17-10-2022 at 16:50 IST