Hatchbacks lead used car sales in ‘24, this model topples Swift, Grand i10: Report

Hatchbacks lead used car sales in 2024 as SUVs dominate PV market.

India’s car market hit a record 43 lakh sales in 2024, driven by strong SUV demand. Simultaneously, the used car market is also growing, fueled by affordability, wider model availability, and a shift toward digital platforms. Post-pandemic preferences for personal vehicles have further boosted demand, making pre-owned cars a popular choice for budget-conscious and first-time buyers. Spinny, a used-car platform, has revealed that the hatchbacks remained most popular in the used car market in 2024. Besides that, there are a host of other observations and trends that the company noted in its annual report for the recently-concluded year.

Used-car sales: Trends and observations

The report said that around 76 percent of the company’s customers in 2024 were first-time car owners, up from 73 percent the previous year. Hatchbacks remained popular, with the Renault Kwid and Hyundai Grand i10 holding their top spots, while the Maruti Suzuki Swift joined the ranks, replacing the Baleno. Meanwhile, compact SUVs, led by the Ford EcoSport, saw a 20 percent surge in demand.

Used-car sales: Petrol leads, EVs gain momentum

Fuel preferences show petrol vehicles leading the pack at 82 percent of sales, while diesel slipped to 12 percent. CNG and electric vehicles maintained steady shares at 4 percent and 2 percent, respectively. Moreover, women buyers now account for 26 percent of the company’s customer base, with 60 percent opting for automatic hatchbacks.
The platform’s luxury segment has also seen growing interest in premium models. Some of the popular models include the Jeep Compass, BMW X1, and Mercedes C-Class. EV adoption also showed promise, driven by the Tata Nexon, which accounted for 60 percent of EV sales in Bengaluru.