Automotive
sector is one of the major Indian sectors which face increase in demand from
year to year. Premium being the new
affordable cool is now expanding its wings in the industry as well, credit of
which goes to the first time buyers.
As now, first-time car buyers in the
country (India) are moving beyond entry level vehicles, choosing more premium
options instead, showcasing upward consumer mobility that’s driving sales of
feature-rich and pricier models.
While only one out of three
first-time buyers used to purchase premium models five years ago, now one of
two such buyers goes for these models, indicating the manufacturer’s ability to
attract more customers to its premium models.
In the last three years number of
first-time buyers for Maruti Suzuki Dzire has increased to 46% from 28%. Similarly,
those for the Hyundai Xcent have risen to 55% against 40%. Even for the newly
launched Hyundai Verna, priced at Rs 8lakh, the number of first-time buyers has
almost doubled to 35%, as compared with 18% recorded for the earlier edition of
the vehicle.
At Tata Motors, where executives
were used to serving customers about 38-40 years only, witnessed first time
buyers positioning the Zest above the Indigo. Majorly below-30 buyers accounted
for more than a fifth of the car’s sales.
India is a young economy, with
high disposable incomes, this uptick sales record driven by first time buyers
shows that customers want their first vehicle to be feature-rich,
Affordability is also one of the
reasons pushing sales of premium cars among young consumers and first time
buyers, as household income of families buying (the third-generation) Dzire has
jumped 22% (to Rs 78,000 from Rs 59,000) a month. Similar trend was witnessed
at Hyundai, where the average income of the Verna buyer has increased by 40% to
`7-10lakh. At Tata Motors, the average income of buyers has doubled in the last
few years.
Hence, it can be said that
factors such as vehicle prices and fuel efficiency are no longer primary
determinants of purchasing decisions. Rather vehicle style/looks, followed by
brand image, features, mileage has emerged as the primary consideration among
consumers who opt for the premium car versions.
Driven by desire, consumers willing
to acquire a premium car or a luxury one without hampering their pockets have
showcased their keen interest in the used premium/luxury cars.
equipment of every make and brand.
So, if you are looking forward to
exhibit your style with your own used car in the premium category,
SAMIL is a
way to go. You can both visit your nearby Automall and go through their
inventory in person, or download “
MySAMIL Mobile App”. You can also click the
link below and simply register yourself.
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