Bengaluru, 07 January 2025: As urban India continues to expand and public transport struggles to meet rising demand, car ownership has emerged as the go-to mobility solution for millions of Indians. The convenience, sense of freedom, and joy of owning a car have become integral to the lifestyle of young, aspirational buyers across the country.

In line with these evolving trends, Spinny, India’s leading full-stack used car platform, has released its annual report, shedding light on the key developments that have shaped the used car market throughout 2024.

A significant 76% of Spinny customers in 2024 were first-time car buyers, further solidifying the platform’s position as a top choice for new car owners. This represents a 3% increase from the previous year 73%.

The top three preferred car models saw a shift in 2024. Renault Kwid continues to be the hot favourite and Hyundai Grand i10 maintained their dominance, while Maruti Suzuki Swift entered the top three, replacing the Baleno. Hatchbacks continue to be the most preferred category across. This reflects a growing preference for compact, value-driven vehicles. 

The compact SUV segment has seen a 20% growth, with models like the EcoSport continuing to reign supreme. The appeal of compact SUVs, combining space and performance with the “big car” appeal, continues to rise. 

Spinny’s hub-based delivery model remains highly favored, with 74% of deliveries made through Spinny hubs, an increase from 69% in the previous year, showcasing the importance of physical interaction and inspection in the car-buying process.

Petrol remains the dominant fuel type, accounting for 82% of Spinny’s sales. Diesel vehicles have declined to 12%, while CNG and electric vehicles (EVs) hold steady at 4% and 2%, respectively. 

Women buyers now represent 26% of Spinny’s customer base, with the absolute number of women buyers growing steadily each year. Among them, 60% prefer automatic hatchbacks, while 18% prefer compact SUVs. 

The average age of Spinny’s customers has dropped to 32 years from 34 last year, indicating an appeal to younger buyers who are looking for a reliable and easy car-buying experience. 

The report highlights a growing trend in online car buying, with online purchases rising to 75% in 2024, up from 70% in 2023. This shift underscores the increasing convenience and preference for digital transactions in the car-buying process.

This year, 22% of customers opted for an upgrade, compared to 12% in 2023. This increase shows growing confidence in platforms like Spinny, which allows buyers to trade in their old cars and select a new one based on their changing needs. Whether it’s upgrading to a larger vehicle for family requirements or choosing a car suited to their lifestyle or city, the exchange process gives customers flexibility in finding a car that works for them. 

56% of Spinny customers chose financing options to facilitate their car purchases, with 60% of these customers falling within the 25-30 age group. This indicates a growing reliance on financing, especially among younger buyers. 

Spinny Max, the luxury car segment, has gained significant traction, with premium models from brands like BMW, Mercedes-Benz, and Jeep leading the charge with Jeep Compass holding the maximum share followed by BMW X1 and Mercedes C-Class. Spinny’s partnership with TataEV has also contributed to the growing interest in electric vehicles, especially the Tata Nexon, which accounts for 60% of EV sales in Bengaluru. 

Spinny’s stronghold continues to be in major cities such as Bangalore, Delhi NCR, and Hyderabad, which remain the top contributors to sales. 

As Spinny looks toward 2025, the company remains focused on enhancing its customer experience, with an unwavering commitment to trust, quality, and customer experience. Addressing the year-end trends, Niraj Singh, Founder & CEO of Spinny, shared, “From delivering our first car in 2015 to over 2 lakh stories by the end of 2024, it has been a humbling journey. This growth fuels our passion to continue offering the  service and experience to our customers as we move forward.’’

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Mumbai, 18th September 2024: Rising new car prices have not slowed India’s enthusiasm for car ownership, as Spinny, India’s full-stack used car marketplace, continues to see significant growth in the last two quarters of CY24. According to Spinny’s Q3 report, significant trends have emerged in car buyer preferences, financing options, and delivery choices.

Among the standout trends is Honda’s return to the top three preferred car brands, with City and Amaze as key models, alongside Maruti Suzuki and Hyundai, replacing Tata in the rankings.  Additionally, Renault Kwid continues to be a customer favourite, securing its place among the top three car models for the third consecutive quarter with Hyundai Grand i10 and Maruti Suzuki Wagon R.

Moreover, the compact SUV segment is the highest-growing category with 12% growth over the last quarter.

Fuel preferences showed 83% of buyers opting for petrol cars, followed by 12% choosing diesel and 5% preferring CNG. The most preferred colours for car buyers are white, grey, and red.

Spinny’s data reveals a growing trust in its financial offerings, with a 6% increase in buyers opting for car finance. A notable 60% of all purchases were financed through Spinny’s seamless loan services, demonstrating the company’s customer-focused and transparent approach. The report also indicates a rise in digital car purchases, with 65% of buyers now opting to purchase cars online, a 5% increase from the previous quarter. This shift underscores India’s growing preference for digital transactions when buying cars.

In addition, there has been a significant rise in hub deliveries, with 82% of buyers opting to collect their cars from Spinny Hubs or Spinny Parks, as compared to 18% who chose home deliveries. This represents a 7% jump in hub deliveries from the previous quarter. 53% of these hub deliveries took place at Spinny Parks, highlighting the one-of-a-kind experience of test driving, assortment and deliveries at the parks. This trend aligns with the Indian consumer’s preference for an in-person experience, even when shopping online.

Spinny’s data also shows a strong rise in first-time car buyers, who make up 67% of all customers, with 30% of total buyers being women, reflecting Spinny’s effort towards growing women’s car ownership. Another interesting shift is the growing preference for manual transmissions, with 76% of buyers opting for them, up from 70% in the previous quarter, while automatic transmissions dropped to 24% from 30%.

The used luxury car market has experienced robust growth in urban regions, with an increasing number of young Indians favouring luxury cars. Delhi leads this trend, followed by Bengaluru and Mumbai. Popular models like BMW X1 and Audi A4  highlight India’s affinity for German luxury cars with Jeep Compass joining the top luxury picks.

Addressing the recent trends, Niraj Singh, Founder & CEO of Spinny, said, “The trust our customers place in us reflects our commitment to making car buying and selling simple and delightful. The consistent rise in car financing and the increasing number of women buyers are a testament to young India’s embrace of Spinny’s efforts to make used car transactions more transparent and customer-focused, fulfilling aspirations of car ownership and its significance for Indian households. It’s interesting how our dynamic nation continues to evolve every quarter with its diverse tastes, keeping us excited and encouraging us to enhance our services.”

During Spinny’s recent Freedom Days promotion from August 15-18, the company observed a 15% increase in traffic nationwide, with over a million users, every day. The top car-buying regions during this campaign were Delhi NCR, Bengaluru, and Pune entering as one of the top cities.

Additionally, the average age of buyers during the campaign was 36 years, indicating a slightly more mature customer base than the usual average of 32 years.

With the growing need and demand for EVs, Spinny’s partnership with Tata Motors has seen Nexon EV as a customer’s favourite, followed by Tiago EV in Bengaluru, Mumbai and Pune.

The post Spinny Q3 CY24 Report: Renault Kwid in Top 3 for Third Consecutive Quarter, Honda Rejoins Top Brands, Compact SUVs See 12% Growth appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.