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22 Sep 2020, Edition - 1897, Tuesday

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Coimbatore

Slowdown notwithstanding used car market would double in the next five years

Covai Post Network

Coimbatore, Jan 22 :The used car market in India is expected to reach between 6.7 million care per year to 7.2 million car per year by 2022, a top official of Mahindra First Choice Wheels (MFCWL) India’s Number
one Multibrand certified used car company, said on Wednesday.

The current slowdown notwithstanding, it is expected that the used car market will become almost double the size of the new car market in the next 5 years, Assistant Vice President, franchisee Operation of MFCW, Sunil Nayak, said.

Speaking at the inauguration of a new MCFWL outlet here,Nayak said that the total number of outlets in South India reached 17 7and, moving to 200+ by 2019-20. “The used car market has seen a steady growth in the past year.
We feel that the advantage of pricing that used car buyers get over a new car has made it a great option for many first time car buyers who are increasingly attracted toward buying used cars” said Vipul Jain , Zonal Head – Franchisee Operations (South) MFCWL.

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