Demand for pre-owned cars rising in tier 2 cities: Cars24

Hyderabad: Autotech company Cars24 on Tuesday announced its plan to sell pre-owned vehicles in Vijayawada and Visakhapatnam, Andhra Pradesh as there is an increase in demand from the young demographic of tier 2 and 3 cities with the availability of easy financing options. Besides Hyderabad being the major supply hub of used cars for Cars24, Guntur, Visakhapatnam and Vijayawada also contribute their share.

Cars24 entered Hyderabad in 2016, as a supplier of pre-owned vehicles to the dealers of the city. Only from 2019, the startup has been catering to individual customers. According to Car24’s data, from April-June quarter, car owners in Hyderabad sold pre-owned vehicles of a total worth of Rs 103 crore, on the platform. Speaking about its market in Hyderabad, Co-Founder of Cars24 Gajendra Jangid said, “In the Telugu States, Hyderabad is our supply hub for pre-owned cars. We are present across four cities of the two States for purchase of used cars, however till now, the sales have been in Hyderabad only. With an increase in demand for used cars from the young population and availability of easy finance options in tier 2 and 3 cities, we will soon be selling in Vijayawada.”