May
16
Spinny experienced a 20% increase in first-time SUV buyers in Q1 2024, with Tata replacing Honda as a top three preferred car brand. The trend shows growing consumer interest in SUVs and demand for features like airbags, sunroofs, and automatic transmissions.
Spinny Sees 20% Surge in First-Time SUV Buyers in Early 2024
Key Highlights
- Spinny reports a 20% increase in first-time SUV buyers in Q1 2024.
- Tata replaces Honda as a top three preferred car brand.
- Bengaluru, Delhi-NCR, and Hyderabad lead the demand for used cars.
New Delhi: In the first four months of 2024, Spinny, a leading used car marketplace in India, saw a significant 20% surge in first-time SUV buyers. This marks a considerable rise from 10% in 2023. The data indicates a growing preference for SUVs among Indian consumers, with compact SUVs like the Ford EcoSport, Hyundai Creta, and Tata Nexon emerging as top picks.
Tata Enters Top Three Car Brands
For the first time, Tata has replaced Honda in the top three preferred car brands among Spinny customers. The top three brands are now Maruti Suzuki, Hyundai, and Tata. This shift highlights Tata’s increasing popularity in the Indian automotive market.
Top Cities Driving Demand
Bengaluru, Delhi-NCR, and Hyderabad have been the top cities generating significant demand for used cars. Spinny reports that 80% of buyers in these regions prefer petrol cars. The trend towards compact SUVs is also noticeable in these cities.
Consumer Preferences Shifting
Spinny’s data reveals an increase in demand for specific features in used cars, including airbags, sunroofs, and automatic transmissions. Manual transmissions still dominate, constituting 70% of purchases, but the demand for automatic cars has risen by 10% compared to last year.
Key Insights from Spinny’s Data (January – April 2024)
| Category | Details |
|---|---|
| First-time car buyers | 73% |
| Home deliveries | 25% |
| Hub deliveries | 75% |
| Online purchases | 60% |
| Women buyers | 36% (46% in March alone) |
| Top three preferred car brands | Maruti Suzuki, Hyundai, Tata |
| Top three preferred car models | Hyundai Grand i10, Tiago, Renault Kwid |
| Top three preferred colors | White, Grey, Red |
| Top three SUVs | Ford EcoSport, Hyundai Creta, Tata Nexon |
| Car finance | 54% |
Niraj Singh, Founder & CEO of Spinny, commented on the data, stating, “The surge reflects a significant shift in consumer preferences towards versatile and spacious vehicles. We are meeting our customers’ evolving needs by providing a wide array of high-quality cars.”
Rise in Online and Home Deliveries
The first quarter of 2024 saw 60% of Spinny’s sales happening digitally, underlining the growing preference for online transactions. Additionally, 25% of customers chose home delivery, and 50% of all car sales were from dedicated Spinny Parks in cities like Bengaluru, Kochi, Ahmedabad, and Pune.
Increased Car Financing
Over 54% of Spinny’s customers opted for car financing through Spinny loans, a notable increase from 46% last year. This trend is facilitated by easy financing options and a broader move towards digitalization in the car-buying process.
Spinny’s latest data highlights significant shifts in the Indian automotive market, with a growing preference for SUVs, increased demand for specific car features, and a rise in online and home delivery transactions. The inclusion of Tata in the top three car brands further emphasizes changing consumer preferences.