5 reasons behind the boom in the used luxury car industry?

The growth in human lifestyle and income rates have given rise to the desire to own luxury items. Be it clothing, houses or cars, and luxury versions correspond to affluent and prestigious lifestyles. So naturally, over the years, the luxury car industry has been in high demand in the market. But despite people’s desire to own luxury cars, there is some hesitancy as brand new luxury cars are super expensive and are a lot of hassle to deal with while buying from the showrooms. But as a striking alternative to buying luxury cars without spending a hefty sum of money, there has been a growing boom in the used luxury car market.

Apart from just the affluence linked to luxury cars, what makes people so attracted to luxury cars? According to luxury car industry analysis, some of the best features of luxury cars that attract and retain attention are not just the super luxurious, plush, seek and spacious interiors and cool looks or glamour. Still, extreme comfort features are notable features, newer innovative technology for convenience and entertainment, special features for ensuring safety at high-security levels, fascinating engine powers, remarkable durability, and better mileage.

Here are a few of the reasons why there has been a noticeable growth rate in the used luxury car market:

1. Affordable price range- There has been a high income and economic fall in countries like India since almost the last decade. Thus, there has also been a shift in the demands of consumer needs on cars. Super expensive and new luxury cars straight out of showrooms have the same face value to consumers as a pre owned and used luxury car.  And most importantly, used luxury cars that have been pre-owned for over just a year or two have a significantly lower price than brand new luxury cars from showrooms. Since used luxury cars have a much more affordable price, they have become highly desirable. 

2. A high rate of reduction in the ownership duration- Even till just a few years back, the average ownership period of luxury cars was 8-11 years. Since then, the gradual fall in ownership durations has made it more favourable for the used luxury car market. The average ownership period of luxury cars in recent years, according to recent statistics, is 4-5years. This has attracted attention and given rise to popularity and demand for used luxury cars. Despite the car being in previous ownership, the duration is often short. The car is well maintained and almost always the replica of a brand new one in both cases of exteriors and engine. In some instances, maintenance and car cleaning services may be necessary for safety, repair and sanitary purposes. Even with those expenses combined, it is still cheaper than buying a newer one.  

3. The gradual and steady rise in human lifestyle development- The demand for luxury cars have increased over the years as it has become a sign of wealth, style and class. The steady income flow and growth in people’s lifestyle development have introduced a sense and desire to own luxury products as a symbol of a lavish and affluent lifestyle. And with the increase in people's desire to own luxury cars, used luxury cars are the best choices for people within a budget. Not only is a used luxury car less expensive than a brand new one, but they function and are valued just like a brand new one. 

4. Innovative marketing techniques on digital platforms- With the stimulating growth of online platforms for showcasing and advertising, the process of marketing and globalisation has become a thousand times easier, direct and more accessible for both buyers and sellers. A big reason for the current boom in the used luxury car market can be attributed to clever marketing techniques, advertising campaigns and online websites promoting used cars using luxury car market trends and other second hand products.

5. Accessible second hand vehicles available at showrooms- Most car buyers visit car showrooms as their first destination after they desire to buy a luxury vehicle. Car showrooms provide the best maintenance facilities and offer every product with intensive knowledge about the car. It works amazing when a car showroom specifically attuned to used cars is introduced to the public. There are not just well-maintained cars available. A detailed introductory and honest history provided to you about the car makes it easier for you to be sure about your purchase without worrying about any past hazards or safety issues.If you are looking for pre-owned cars, then visit AutoBest Emporio. ABE offers pre-owned cars at reasonable prices.