20% Rise in First-Time Buyers Opting for SUVs in Q1 2024, Tata Joins Top 3 Brands
As consumer preferences in the automotive industry continue to evolve, Spinny reports a surge in the first four months of calendar year 2024 (CY24), particularly within the SUV segment. The latest data analysis unveils a 20 per cent increase in first-time buyers opting for SUVs, reflecting a substantial shift from the previous year's 10 per cent rate. This trend underscores evidence in the 73 per cent first-time car buyers across all segments.
In an ever-expanding array of choices, clientele exhibits a strong preference for brands such as Maruti, Hyundai, and Tata. Compact SUVs continue to gain momentum, with models like the Ford EcoSport, Hyundai Creta, and Tata Nexon emerging as top choices, while colors like white, grey, and red dominate the selection.
Beyond the SUV trend, the data highlights a preference shift towards hatchbacks, with models such as the Renault Kwid, Hyundai Grand i10, and Tata Tiago leading the charts.
Notably, the pre-owned luxury car segment experiences growth in Tier 2 and Tier 3 cities, with brands like BMW X1, Jeep Compass, and Mercedes C-Class gaining popularity. Niraj Singh, founder and CEO of Spinny, said, "The surge reflects a significant shift in consumer preferences towards versatile and spacious vehicles."
In Q1 CY24, Bengaluru, Delhi-NCR, and Hyderabad emerge as the top cities driving demand for used cars. According to the report, customers exhibit a clear preference for manual transmissions, constituting 70 per cent of purchases, with automatic cars making up the remaining 30 per cent.
Notably, the demand for automatic transmission vehicles has surged by 10 per cent compared to the previous year, indicating a shift towards a more convenient driving experience. Digital transactions gain prominence, with 60 per cent of sales happening online, underscoring the growing preference for personal mobility and the convenience of digital transactions.
