{"id":9611,"date":"2023-08-28T13:18:26","date_gmt":"2023-08-28T13:18:26","guid":{"rendered":"\/blog\/?p=9611"},"modified":"2024-04-05T18:31:58","modified_gmt":"2024-04-05T13:01:58","slug":"will-the-second-hand-car-market-surge-after-the-lockdown-ends","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-vehicle\/will-the-second-hand-car-market-surge-after-the-lockdown-ends\/","title":{"rendered":"Will the Second-Hand Car Market Surge After the Lockdown Ends?"},"content":{"rendered":"\n

<\/p>\n\n\n\n

The fact that one of the pillars of the Indian GDP – the automotive sector – is going through its worst phase is no secret. The slumping economy had already put brakes on the sector while the COVID-19 pandemic has further flushed its chances of revival in the second quarter of the financial year. With everything in lockdown, auto sales have fallen completely flat. Not to mention how the transition of BS4 to BS6 emission norms has further added fuel to the fire. <\/p>\n\n\n\n

The\nsecond-hand car market has also followed a similar pattern. Will people buy\nused cars or new cars after the lockdown ends? Auto dealers are anxiously\nlooking forward to the answer. Here\u2019s a deeper look into this:<\/p>\n\n\n\n

A silver lining in the lockdown<\/strong><\/p>\n\n\n\n

Although\nthe COVID-19 pandemic has led to the auto sector facing huge losses, post\nlockdown, things might just turn the tide. It isn\u2019t a shot in the dark. With\nsocial distancing being practiced everywhere, even after the lockdown ends,\npeople would be reluctant to travel in buses, metros and other public transport\nfor fear of the spread of the virus through the crowd. Moreover, the usage of\nshared cab services is likely to nosedive as passengers would avoid going in a\ncar that might have been used by an infected person.<\/p>\n\n\n\n

People\nwould hence look for a private car as the best solution to move from one place\nto another. As per some surveys, many two-wheeler owners are mulling over going\nfor a second-hand car, even if they have to buy used cars on EMI.<\/p>\n\n\n\n

Used car loan to go up<\/strong><\/p>\n\n\n\n

The\nresurrection of the auto sector in the used car market is likely to foster its\nfocus on the sub-10 lakh cars. The financial institutions offering used car loan<\/a> would also witness a\nJ-curve, thanks to the plethora of users who are bound to be inquiring about a\nloan for used cars. <\/p>\n\n\n\n

The\nmetros, in particular, are likely to see a surge in the application for such\nloans owing to higher salaries and daily commute of the citizens. As per the\nsurvey conducted by CARS24, most consumers who were earlier using cabs for\ntransportation are now contemplating to go for private cars.<\/p>\n\n\n\n

Additional Reads:<\/strong> Top Benefits of Used Car Loan<\/a><\/p>\n\n\n\n

\u200bPre-owned car business to boom more than the new car<\/strong><\/p>\n\n\n\n

With salary cuts and lay-offs inevitable post lockdown, car buyers have reduced their budget with some preferring used cars instead of new ones. People who wanted to buy a car without a loan on used car are also refraining from using up all the money in the car at once. Instead, they are figuring out the Apply Onlineaffordable used car loan interest rate<\/a>, which could help them save a fair amount of money.<\/p>\n\n\n\n

Understanding the forthcoming challenges in commutation after the lockdown, Tata Capital stands shoulder-to-shoulder with the used car buyers looking for a second hand car loan with its attractive interest rates on a used car loan. Reach out to them to fund the purchase today.<\/p>\n\n\n\n

Apply Online<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The fact that one of the pillars of the Indian GDP – the automotive sector – is going through its worst phase is no secret. <\/p>\n

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