Make, Model, Variants Biggest Consideration For Used Cars: IBB Report

According to a new report by the Indian Blue Book (IBB), developed by Mahindra First Choice Wheels, Indian buyers in the used car market have become more aware. As per the report, used car buyers’ biggest preference has now become the make, model and variant (MMV) of their cars and 360-degree virtual inspection is the least demanded service. 

71 per cent of the population surveyed by the IBB have chosen MMV as one of their biggest demands in the used car market in the financial year 2023 (FY23). The report also mentions that the MMV has become a big consideration since buyers have become more aware of models and variants as well as technicalities of the vehicles. Furthermore, 64 per cent chose warranty offered as their next most demanded service in FY23. In comparison, this service was demanded by 58 per cent of the sample. Following this is the demand for better financial assistance, getting 53 per cent of the votes in FY23. 

Also Read: Local Dealers Dominate, But Auto Tech Startups Gain Ground: IBB Report

Insurance has been the fourth highest-demand service in the used car market, followed by 100 per cent virtual paperwork, according to the report. Demand for both remained at 40 per cent in FY22, while the demand for insurance and virtual paperwork is now at 42 and 36 per cent, respectively. 

The only other service in the used car market that has seen an increase in demand compared to the last fiscal year is certification by a third party. 33 per cent chose this in FY23, while only 27 per cent demanded this service. 

According to the IBB report, a 360-degree virtual inspection is the least demanded service in the used car market, getting only 24 per cent of the votes in FY23. Only 28 per cent of the surveyed population demanded for better buyback guarantee.