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More Indians Ready to Buy Used Luxury Cars Than a New One as Popularity of Pre-Owned Vehicles Surges

Mercedes-Maybach S560 4Matic. (Image: Mercedes-Benz)

Mercedes-Maybach S560 4Matic. (Image: Mercedes-Benz)

A spurt in the rise of the biking culture and also luxury cars being collector items has also propelled the rise of this category.

According to a recent market survey, OLX, is not only the go-to platform for getting a pre-owned car on a budget but it also extremely popular with luxury automobile enthusiasts. As per recent market data, the demand for superbikes and luxury cars is on the rise given the aspirational status associated with them.

A spurt in the rise of the biking culture and also luxury cars being collector items has also propelled the rise of this category. Luxury and vintage automobiles are being increasingly sought after for their collectable value by car collectors owing to the fact as assets they appreciate every year in value. What is also leading to a surge in their popularity is the rarity/limited edition availability of these vehicles in the market with only a handful of such car/bike models being available across India.

Premium bikes being listed on OLX have grown by 27% from 2018 to 2019 and generate over 5 million replies every month. The bikes category alone attracts 9.3 million unique monthly viewers with over 18,000 two-wheelers being uploaded on the platform every day.

Superbikes on the platform generate over 21 unique replies per listing per week since 40% of visitors on OLX bikes are also interested in buying a new bike thereby indicating a high pent up demand for pre-owned superbikes. On an average OLX receives 9 lakh premium products being listed every month of which 8-12 thousand are luxury cars and 6 thousand are luxury bikes.