The evolution of cars can be well assumed from its quest for being an absolute status symbol to the basic need. What we are witnessing today is definitely enchanting. The sensors used in air has touched the all-time high. Upon taking a dig at the entire process, a really interesting stratagem can be evident.
To be honest, you can push back the contemporary car market to a maximum five years back. Hence, it can definitely be claimed that the process of growth has managed to be intriguingly rapid. It has taken the advantage of the overall growth process of the nation.
From timid demand to overwhelming:
A few years back, the market for used car was much confined. Finding the source of dealing with the used cars was pretty much limited to the service stations, a very few private dealers, etc. financial agencies offering loans on this regard was also quite limited.
However, things have grown many folds in present scenario. You can relate it to the overall growth process. The overall growth, GDP, or the market size, all have increased in past few years. A growth in market is hugely dependent upon the demand. If you are sure that the car valuation has hiked, then it is obvious for you to accept that the demands for the cars have also increased.
Be it the personal or the industrial, the number of users have increased diminishing the number of years continuing with the same. Needless is to say that the number of private companies, even the start-ups have increased immensely through the course of years. Naturally, the number of vehicles meant for transportation to increase as well. If there is a fifty percent hike in number of vehicles being used for the transportation of officials, a twenty percent hike in total valuation of the used cars should never be baffling.
Investing on the growth:
Earlier the number of agencies offering loans for the used cars was much lower. At present, a huge growth on this regard has been already experienced. The reason is simple; the demand has been created. A decade back, the number of extravagant car manufacturers was at a much lower side. In fact, toady many of those companies have set-up their manufacturing unit in the nation. The economic growth and flexible environment for the business set-up is certainly a factor behind. In addition, the parental companies have also been offering a tight tussle. Making highly efficient car with better mileage, through the attractive financial schemes and quirky marketing strategy has managed to make entrance of a good number of new vehicles in the market.
This is how the process has been made rotating.
• Tying the exchange offers, the companies have managed to convince the Indian customers to replace their older car with a new one. Overall, the business has hiked to a great extent.
• According to the reports of the survey conducted by a renowned online car trading site, a huge 37% hike in business of the cars has been witnessed in past decade. In short, the demand for both the new and used cars has increased to a great extent, obviously leading to a higher valuation.
• Earlier, car valuation was pretty much an assumable aspect, depending entirely on the private bidding. It was not as smooth to calculate the terms like depreciation a few years back as it is today.
• There are some incredible sites, like mycarhelpline.com, carprice.com available now to calculate the depreciation and to know the depreciation rates for cars of different ages. One had to hire a financial expert on this regard a few years back.
• The growth in number of car trading sites, being specific of the nation has resulted into offering free valuation of the cars. Overall, people are getting the reference to true value of their car, from which, they can stretch the price in accordance with the demand.
On a concluding note:
To sum up things, starting from the financial conditions, interest of buying, marketing strategy by the companies, financial assists, etc, everything has increased in a revolutionary fashion. In additions, the usages of cars have found some new domains as well through the increase in number of professional organisations. The process is going on healthy, and it is expected to keep on further as well.