Kochi: The demand for pre-owned cars is on the rise among Kerala’s youth, a key player in the sector has said.
CARS24, the Gurgaon-headquartered used car dealer which runs its hubs in Kerala’s Kochi and Thiruvananthapuram, revealed the trends based on its loan disbursements data.
The data reveals that the average age of individuals opting for car financing in Kerala is 35 years, reflecting a trend where young professionals and emerging families prioritise economically viable and practical transportation solutions.
CARS24’s financial arm CARS24 Financial Services Pvt Ltd (CFSPL) has achieved a 160% year-on-year increase in loan disbursements, with over Rs 102 crore in loans disbursed in the state since inception. The company started operations in the state three years ago.
The surge, according to the company, underscores a broader trend in Kerala where financed car ownership is increasingly viewed not merely as a luxury, but as a necessity. Gajendra Jangid, CMO of CARS24, stated, "The growing preference for financing in Kerala is a clear indicator of a broader trend towards more accessible and adaptable car ownership models."
Popular cars financed in Kerala
According to the company, Kerala shows a distinct preference for brands like Hyundai, Maruti Suzuki, and Tata, with the Renault-Kwid, Hyundai-Eon, and Hyundai-Grand I10 being the most popular models.
As much as 71% of car buyers in Kerala opt to finance their purchase through CARS24 in the last quarter. Nationwide, 64% of people choose loans for car purchases, with 20% of these loans disbursed to women. Additionally, 411 loan applications are processed daily across India.