The used cars market is one of the most important segments of the automotive industry and contrary to popular belief, the demand for used cars is very high.
In its recent assessment of the used cars market, Infiniti Research found that the increasing demand for used cars is rather simple. “Cars are no longer seen just as a means of transport; rather they are now a status symbol. This explains how frequently the cars are being brought and sold,” said Infiniti Research’s automotive analysts.
Five years ago the ownership cycle of a car used to last for around seven years, but now it has reduced to only four years. Automotive market analysts believe that by the year 2021, car ownership will drop to three years. This decreasing ownership has rather proved to be an advantageous point for the buyers of used cars. Reducing ownership years means that the quality of used cars is rather good, and buying it will prove to be a total value for money.
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The overall quality of cars being produced has also improved drastically. This has provided the sellers of used cars with an opportunity to draw a profitable share from the market as customers have started finding used cars to be far more reliable, making it easier for them to invest on it. Some major players who are currently winning over the used cars market are eBay Motors, TrueCar, and Alibaba Group. These major players provide customers with ease of accessibility to used cars, which has increased the sale of used cars drastically.
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Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
With 14 years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy, and research services for over 550 companies across the globe.