Technology and Internet
Not just us, all tech start-ups hit by the headwinds: Cars24
05 Aug 2022
The Indian used car market was valued at $18 billion in FY21—with 3.9 million used cars sold in FY21— and is projected to grow at a CAGR of 15% between FY21 and FY26, according to a report by Praxis Global Alliance. The report also says that the used-car/new-car ratio for India is currently at 1.4 for FY21, and is projected to reach 2 by FY26. "India is still an underpenetrated PV market, thus pushing demand for used cars. The motorisation rate is 17 in India vs 400-600 for developed countries," the report reads. Analysts at Praxis Global Alliance also believe that the implementation of the BS VI emission norms and the scrappage policy will induce higher demand for used cars. The revision of the GST rate on used cars from 28% to 12-18% on used cars will also drive growth

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