Car buying budget of Indians increased by 30% in 2022

The average price of a used car purchased in India has increased to Rs 6 lakh.

According to data compiled by Cars24, the average car-buying budget of Indians increased by 30% in 2022. It indicates that people were willing to spend a higher amount on cars without compromising on their choice, safety or quality. 

Cars24 data also shows an 81% surge in the number of people buying more than one car in a year.

Some notable facts from the Mileage Report by Cars24:

• Majority car buyers under 35
• Average car buying has increased to Rs 6 lakh
• More buyers got their cars financed in 2022
• Hot Selling colours apart from white and grey - red and black
• Maximum sedans were bought in Bengaluru
• Most car sellers were from New Delhi
• Most expensive car bought in Pune - Mercedes C Class
• Loan tenure of 6 years was the most popular
• Average Car EMI in India was Rs 11,500

Cars24 registered a 75% jump in sales of pre-owned cars in the fourth quarter of last year compared to Q1 2022. Maruti remained the brand of choice, with every 1 in 3 buyers purchasing a Maruti car. The highest number of Maruti cars were purchased in New Delhi, Mumbai, Bangalore, Hyderabad, Kolkata, Lucknow, Pune and Ahmedabad.

Among best-selling models were hatchbacks like the Swift, Baleno, Alto, WagonR and Celerio. Maruti was closely followed by brands like Hyundai, Honda and Renault, and Ford, even though the brand has exited the Indian market.

Among Tier II cities, Pune and Ahmedabad recorded the highest car deliveries, with the Baleno being the most popular model in both cities. A customer in Pune is said to have purchased a Rs. 33 lakh Mercedes-Benz C-Class through Cars24. Lucknow recorded the highest sale of the Maruti Vitara Brezza.

Bangalore recorded the highest sales among metros, with the Swift being the most popular model. It was also the top-selling model in Delhi and Chennai, while Mumbaikers shopped for WagonRs.