The fabulous luxury cars such as the ones produced by BMW, Jaguar and Mercedes Benz are no longer beyond the reach of many and reserved to the elite. With the emergence of second-hand luxury car market and luxury cars that are fetched at affordable prices such as Audi Q3 and BMW X1 many variants of luxury cars are surfacing out with irresistible prices.
Though the larger mass market absorbed a small setback as the passenger’s vehicle demand dropped 6% to 25 lakh units in 2013-2014, the sales of new luxury cars experienced a robust growth of 25% with 35,000 vehicles were sold. The sales of second-hand luxury cars are even more remarkable as it posted a whopping growth of 60% as 30,000 vehicles were sold in the fiscal year 2013-2014.
Mercedes-Benz India, MD & CEO, Eberhard Kern stated in FE that many customers are opting for the second-hand vehicles that paved the way of overall used market to outperform the sales growth of the new cars.
Mercedes-Benz, which is one of the first luxury car brands to penetrate in the first half of 2014 reported that used car sales posted a robust 42% growth.
Why the second-hand luxury cars are winning the battle over the mass segment cars is that the former provide a great deal of value because the prices are significantly reduced compared with the similar new luxury. To see the big difference, a BMW 3 which is used for two years, can be purchased for about `22 lakh, while a new car is valued at `34 lakh.
Since the luxury cars are built with superior and high-quality materials, they are cinched to endure for so many years and are expected to have traveled just for fewer kilometers. And a great bonus with buying the used luxury vehicles is that most brands such as Mercedes-Benz, BMW and Audi have their local used car branches, which provide trouble-free maintenance.