Sadly, dad-approved affordable Sedans that got the job done seem to be losing ground amongst millennials. The reliable Maurti Suzukis and Honda Cities that ferried families and ambitions alike is being replaced by premium cars, even if they are not brand new. For a generation that considered families and ambitions alike, new generation is done playing it safe. To them, a car is more than fuel efficiency or boot space.
Sedans? Please, That's So 2010! Many consider sedans the beige trousers of the car world-fine, but unremarkable. And millennials are not looking for just fine things, they want the finest. Enter Beemer in group chat. With a 14% surge in luxury SUVs market in 2024, everyone wants to feel top-notch-literally and metaphorically.
Besides, luxury cars today are a techie's dream- decked with touchscreens, self-parking features, basically these cars make you feel Tony Stark-like.
Having tasted the heady mix of rising incomes, easy EMIs, and the intoxicating aroma of premium leather, the sedan seems to be getting the coldest shoulder ever. So much so that this trend of going for a second-hand luxurious car (if not a brand new one) has taken Tier II and Tier III cities along, catching up with the rising brigade of young affluents.
Interestingly, sustainability seems to have found itself into this mix. Brands like Mercedes-Benz are offering electric vehicles that let millennials be both eco-warriors and style icons at the same time. Its guilt-free spending while conscious of carbon footprints.
Post pandemic the murky business of pre-owned luxury cars got over its dry spell in India. This is a contrast as globally the automotive industry has been struggling to keep up. What changed then?
The key driving forces for India's pre-owned luxury car market becoming more accessible to millennials includes depreciation of luxury cars faster, enabling millennials to go for one that's pre-owned. And the rise of Certified Pre-Owned (CPO) programmes has boosted buyer confidence significantly, offering warranties and quality checks.
With steady supply of well-maintained cars used luxury cars combined with rising disposable incomes, and aspirational buying habits, millennials are cruising through life with luxury badge and a sly grin- all without blowing up their bank accounts!
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