A step ahead in consumer financing, with Banks now providing loansfor old vehicles to customers.
To increase their customer base, and the burgeoning market in used vehicles, banks have decided to join the bandwagon.
Due to the large number of automobile manufacturers, and the ever increasing car models, depreciation on new vehicles has gone up tremendously. This makes sense for careful buyers to buy used cars, giving them a cost advantage.
E-comm players like Cartrade.com, etc. have also contributed to this surge in used car buying, offering prechecked cars with warranties, etc.
One of the first to take advantage of this market is Axis Bank, which, with it’s first mover advantage is sure to take a large slice of the used car market pie.