Unveiling the Used Car Price Trends: ThePriceX Insights Report
ThePriceX Insights Report February 2023 talks about Used Cars Price TrendsApril 04, 2023
ThePriceX is an advanced price prediction engine designed and developed by Shriram Automall India Limited (SAMIL). It is being enhanced by Indian Institute of Technology – Delhi for improved functionality with machine learning algorithms and statistical modelling that mature over a period of time. Through this advanced application, SAMIL has developed ThePriceX Insights Report for Used Passenger Vehicles unveiling the price trends for various body type and segments.
This edition of ThePriceX Insights Report, dives into the vehicle exchange data of used passenger vehicles over the past 24 months (January 2021 – December 2022) at SAMIL across India. Along with being renowned for commercial vehicles, agricultural equipment, construction equipment etc., SAMIL has a long history of preponderance presence in passenger vehicles helping various Banks, NBFCs, Insurance companies, Vehicle Aggregators and Retail & Rental businesses.
Passenger Vehicles is fairly vast segment consisting of cars belonging to different body types, thus to make it easier to understand, Insights Report have been divided into price trends focusing on each body-type. This report consists of hatchbacks, which are essentially small cars; sedans, which are bigger cars; MUVs are designed as comfortable passenger carriers, SUVs are used as lifestyle vehicles and the crossovers combine features between a hatchback and SUV.
ThePriceX Insights Report 4-Wheelers: Passenger Vehicles Body Types covered
MUV – 1 (Medium Body)
MUV – 2 (Large Body)
SUV – 1 (Medium Body)
SUV – 2 (Large Body)
Since this Insights Report is a comprehensive one, I’ll be sharing the highlights of the content that’s available in the latest edition with details. Let’s start with the most affordable cars that are available in India and see how price trends have fared in the used car market in the last two years.
Micro Hatchback: Micro hatchbacks are the small cars, considered as entry level passenger cars in India. Price trends of used micro hatchbacks have seen some shifts in 2021 but since then, it has been increasing in 2022.
Mini Hatchback: Moving on to mini hatchbacks, these cars are slightly larger than the micro hatchbacks with more features. Used mini hatchbacks saw a sharp hike in the prices in 2022 and are expected to raise even higher next fiscal due to improving demand.
Compact Hatchback: Stepping further up the ladder, we have compact hatchbacks which are the most expensive models of the hatchbacks. They come with bigger engines and long range of features. In last two years, this body type saw the greatest rise in the prices over last 2 years.
Sub-Compact Sedan: Sub-compact sedans usually see highest demand in the new car market and same can be said about the used market as well. The prices of used sub-compact sedans have been increasing constantly in the last two years.
Compact Sedan: Prices of used compact sedans were going flat line in 2021 but the real push is seen in the year 2022.
Mid-size Sedan: With the rise in the demand of SUV body type passenger vehicles, the demand for Midsize sedans is seen going south. Due to this very reason, the prices of used mid-size sedans have dropped in the past two years.
MUV – 1: Medium size MUVs have seen a drop in the price in the year 2022 mostly due to lower supply in this body type because of high demand in the used vehicles markets across the country.
MUV – 2: This body-type denotes the larger sized multi utility vehicles and is in demand due to which, used MUVs have recorded a respectable rise in their prices.
SUV – 1: After moving flat for few years, the prices of used compact SUVs hiked exponentially high in the last 2 years due to a surge in the demand and also due to constant supply of used sub-compact and SUVs in the market.
SUV – 2: Bigger SUVs comes under high price range and are determinant of high living standards of the owners. This esteemed nature of this body type is increasing its demand in the used car market propelling the prices to new heights.
Compact Crossover: Finally, we have the compact crossover, the prices of which have been oscillating up and down over last few years. However, in the year 2022, the price shot a bit due to mild increase in demand and availability of only a few models in the market.
This was the essence of latest edition of ThePriceX Insights Report February 2023. SAMIL’s ThePriceX Tool uses machine learning algorithms, simultaneously evaluating a vehicle based on 100+ element including make, model, age, mileage etc., to estimate the right price range. Price indexes are validated by correlating with key industry metrics in a bid to separate the degree of change in used vehicles & equipment prices over time.
The Insights Report highlights important elements, latest trends, up-to-date information, reviews & outlook of the used vehicles & equipment sold in a particular tenure at SAMIL exchange platform.
Subscribe to ThePriceX Insights Reports and get free copy every month with latest price and inflation trends https://thepricex.com/report_subscription.php. For more information about Shriram Automall, its group companies and services, visit samil.in.