German automobile manufacturer Porsche is brewing a one-of-its-kind experience for Indian moto heads. Porsche India has introduced its first-ever pre-owned car program, ‘Porsche Approved’ on Wednesday in Kochi. The program aims to serve the Indian market better with pre-owned Porsche cars without doggedly gunning for sheer sales numbers.
The automaker, which specializes in high-performance sports cars, has indicated that consumers who want to buy a Porsche car won’t have to wait too long now for a new model. Quicker delivery of their preferred model will be possible through Porsche Approved. The first delivery was witnessed in Kochi this week, wherein the first customer received his pre-owned Porsche 911 GT3.
Porsche has joined the league of luxury automakers who are selling used cars in India. Considering that the demand for pre-owned cars is outpacing the market for new cars in India, it is being touted as the ‘Sunrise Sector.’
Having witnessed a growth of 15% in FY22 and further, the sector is expected to grow at a CAGR of 12-14%. In FY21, the sector hit 3.8 million units of pre-owned cars being sold. In another 4-5 years, it is expected to capture more than 7 million vehicles.
What’s driving the swing?
Interestingly, in the last few years, Indian consumers have developed a newfound appetite for pre-owned or used cars – and Porsche seems like it is headed for the bull’s eye.
Factors like prolonging pandemic, changing consumer demographics, and availability of easy financing options are driving the pre-owned car market.
Besides, consumers in non-metros have pivoted towards personal mobility mediums. The pre-owned cars enable people from diverse income groups, especially first-timers, to meet their mobility needs while taking care of better alternatives at the same time.
Too long? Here’s a one-liner: Porsche India rolls out its pre-owned car business under an all-new ‘Porsche Approved’ program to cater to the steep surge in demand for used cars in India.