Buying a used car? Here's top five things no one told you about

This is the number one discussion. The numero uno. In a world of automobiles, we are being spoilt for choice with new launches every week. With so many options at hand, a certain question comes to mind, should you go for a brand new car, or go for the used car which you already bookmarked in your browser.

There has been numerous dos and donts concerning buying a used car from the market. But here are top five things no one told you about the used car market.

We are big, really big!

India's automobile market although huge (fourth largest automobile market in the world, according to data released by the Society of Indian Automobile Manufacturers), our motorization rate still sits at 22 cars per 1,000 people, as compared to over 800 cars for every 1,000 people (according to Indian Blue Book report, 2016).

The Indian used industry is currently valued at 3.8 million units (OLX report).

Buy a used car from your couch

With the digitization of almost every service in India, the used car industry is not far behind. With the online platform leveraged, the shopping for a used car has now become confined to the limits of your home, with over 85 per cent of the process taking place in your home, and the rest 15 per cent leg-work for getting the car of choice checked out by a mechanic, real-time condition, among other things.

In a report from OLX, one of India's biggest online used car platforms, the online site registered an increase of 25 per cent on used cars sold when compared to the numbers of 2016. The platform witnessed 3 million used cars transactions, as compared to the 2.4 million units sold in 2016.

The number game looks impressive but

The number game here is massive. With a smidge over a whopping 2.4 billion page views a month, we can safely say the used car market if anything, is going to grow by leaps and bounds in the next few years, alongside the pace of digitization of our information channels and services.

Also, speaking of numbers, 8 cars are listed every minute on the online platform, transforming into 4 lakh listings every month. Also, 4 lakh motorcycles are listed every minute with 3 lakh listings every month. Here's the best part, 40 per cent of the listings find buyers within the first week.

How is this possible

The report enumerates three major reasons which have acted as massive growth drivers in the Indian car market. The driving factors are:

Shorter ownership cycles: People have started to sell off their vehicles faster than they did before. The ownership cycle has reduced from 7 years to 4 years and is expected to go down to 3 years by the time we hit 2020.

New launches: We mentioned this before as well. As the influx of new cars increases in the Indian market, car buyers would want to switch to the latest model, if money permits. Also, numerous launches have increased the number of options for the average consumer.

Better Infrastructure: Infrastructure has increased for the better with better roads, better connectivity across cities, which has increased the shelf life of a vehicle.

Should I use a digital platform for buying a used car

Online classifieds is not new. But the emergence of the newly developed online platform, combined with the digitization of the marketplace has spurred the growth in the number of transactions driving the growth of pre-owned vehicles.

From roaming in the outside to check out two options from two different parts of the city, or worse yet, two different cities, the process of buying a used car becomes delirious. Now imagine doing the same thing sitting on your couch, sipping a beer cup of tea.

Also, consumer preferences are slated for a shift towards premium cars in urban and semi-urban markets. With a surge in disposable incomes, better lifestyle, and bigger consumer aspirations (from Tier II and Tier III cities), more and more buyers are going for premium value cars under the pre-owned banner.

So, are you going to buy a used car today?