BMW, Audi and Mercedes most preferred luxury car brands among young Indians

India's used-luxury-car market is growing 20% annually, with sales volume averaging more than 60,000 units a year, according to Spinny

On the back of higher incomes, Indians in the age group of 30-40 years are preferring to buy luxury cars, a report by used car retail platform Spinny said. BMW, Audi, and Mercedes are their most preferred brands. India's used-luxury-car market is growing 20 per cent annually, with sales volume averaging more than 60,000 units a year.

In terms of car models, Audi Q3, Mercedes-Benz C-Class and BMW 3 series were the top favourites among consumers. The data for the report has been taken from Spinny Max, the company's new luxury car platform. 

"We realised that with the rise in disposable incomes, professionals in the age group of 30-40 are increasingly aspiring to own luxury cars much earlier in their lives. As a result, there is a surge in demand for used luxury cars in metros as well as tier-1 cities. Interestingly, even tier 2 and 3 cities are now experiencing substantial traction in this segment," said Niraj Singh, founder and chief executive officer (CEO) of Spinny.

"There is a substantial increase in the pocket size, inspiring the younger generation to explore the luxury car segment. Much of this growth can also be attributed to the rising aspirations of young customers, frequent launches of products, increased options and transparency for the buyers, easier availability of finance, insurance, servicing, warranty options, and better awareness," the company said. 

According to Singh, the used cars segment saw a massive uptick in 2022. "The market emerged as great value for money as it allows accessible luxury. In addition, used luxury vehicles in the pre-owned market tend to have a lower average age compared to non-luxury brands, making them an attractive option," he said.