Speeding up used car sales in India amid coronavirus pandemic
Synopsis
The pandemic is only the last blow; headwinds have been building up for the industry for some time. In 2019-20, passenger vehicle sales fell 18%, from 3.2 million in 2018-19 to 2.78 million. The future looks bleak – in 2020-2021, CRISIL forecasts passenger vehicle sales to fall 25% to 2.1 million. In this plethora of bad news, the used or used car market appears like a silver lining.
Living in Bengaluru, computer engineer Prajith KP and his wife Shubha did well with just one car. Shubha was on a one-year hiatus. In Bengaluru’s notorious traffic, shared taxis and the metro also offered them good alternatives. Containment has changed things. “My wife is now starting to work after a year. I wanted her to travel in her own car. So we decided to buy a new one, ”explains Prajith. Multiple factors led to a slight change in their plans
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