- Renault Kwid hits top 3 for the third in a row;
- Honda climbs back among top brands in Spinny’s Latest Insights Report
- Compact SUVs are the fastest-growing category, with 12% growth over the last quarter
Bangalore – 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.
| Spinny Insights – June’24 – August’24 | |
| First-time car-buyers | 67% |
| Home deliveries | 18% |
| Hub deliveries | 82% |
| Online Purchases | 65% |
| Women buyers | 30% |
| Average Age | 32 |
| Top three preferred car brands | Maruti Suzuki, Hyundai, Honda |
| Top three preferred car models | Hyundai Grand i10, Maruti Suzuki Wagon R, Renault Kwid |
| Top three preferred colours | White, Grey, Red |
| Fuel Type | Petrol – 83% | Diesel – 12% | CNG – 5% |
| Car Finance | 60% |
| Compact SUV | Fastest growing category, 12% growth over last quarter |
