#YearInSpinny
The year witnessed a significant rise in online car purchases, climbing to 70%. Major cities like Bangalore, Delhi NCR, and Hyderabad drove demand, with 77% of buyers opting for petrol cars. As demand for cars surges, 73% of buyers were first-timers this year, a notable jump from last year's 60%. The Hyundai Grand i10 emerged as the top pick in metro areas. There was also a growing appetite for automatic compact SUVs and hatchbacks.
Spinny, India's full-stack used car marketplace, witnessed substantial growth in 2023 due to the surge in digital transactions. According to Spinny's year-end report, online sales saw a remarkable 13% increase, rising to 70%, compared to 48% in 2022. This growth signifies a strengthening trust in Spinny, especially among first-time buyers, who made up 73% of their customer base this year.
Spinny's Year-End Insights
- First-time car buyers: 73%
- Average buyer's age: 34 years
- Women buyers: 35%
- Home deliveries: 31%
- Online purchases: 70%
- Top three car brands: Maruti Suzuki, Hyundai, Honda
- Top three models: Grand i10, Baleno, Kwid
- Preferred colors: White, Grey, Red
- Car finance usage: 46%
Spinny's year was marked by over 40% growth, fueled by increased demand for used cars and the festive season in Q4, where the growth rate surged 1.5 times compared to Q3. The festive season, spanning from the first day of Navratri to Diwali, saw Spinny selling over 8,000 cars.
Festive Boost in Kochi
The Onam festival brought an impressive spike in sales in Kochi, where the growth rate was 1.8 times higher than Q1. Spinny sold 287 cars on the first day of the festival and 179 cars on Thiruvonam. Pune’s second-hand car market echoed similar growth trends.
Top Brands and Models
Maruti, Hyundai, and Honda led the pack, with popular models like the Grand i10, Baleno, and Kwid dominating the charts. Over 46% of buyers used Spinny Capital for financing. White, grey, and red cars were the most sought-after among Spinny customers.
Corporate professionals accounted for 71% of Spinny's used car purchases in 2023. Compact SUVs continued to gain favor, followed by hatchbacks and sedans. Color preferences varied across regions, with red cars particularly popular in Bangalore and Kolkata.
Regional Demand Insights
Bengaluru and Delhi-NCR topped the charts for used car demand in 2023, while Hyderabad saw a growing trend of consumers choosing Spinny for their automotive needs. Additionally, 35% of Spinny buyers were women, a testament to Spinny's broadening appeal across demographics.
CEO's Vision for the Future
Niraj Singh, Founder and CEO of Spinny, reaffirmed the company's commitment to offering an unparalleled car-buying experience. He noted, “Our dedication to providing a seamless, joyful car-buying and selling process remains unwavering. The surge in demand reflects the trust placed in Spinny by our customers. For us, a car is not just another purchase—it's a significant addition to one's life. We are committed to making each experience extraordinary. We're deeply thankful for the journey so far and are committed to innovating to enhance every customer’s experience.”
The used car market in India is flourishing, with projections showing an increase from 4.6 million units in FY23 to 8 million units by FY27.
Since its founding, Spinny has built a customer base of over 200,000 and now operates 57 car hubs across the country. Over 31% of Spinny buyers opted for home deliveries, while 70% completed their purchases entirely online. May proved to be the busiest month for sales.
Luxury Car Trends
Luxury used cars were also in demand, with Spinny Max reporting high interest in Delhi NCR, followed by Bangalore. Mumbai mirrored this trend, with brands like Jeep, BMW, and Mercedes-Benz leading the luxury car market. Popular models included the Jeep Compass, Mercedes-Benz C-Class, and BMW X1, with white, black, and blue being the top color choices for luxury car buyers.
About Spinny
Founded in 2015, Spinny is dedicated to enhancing transparency and ease in India’s used car market. The platform integrates cutting-edge technology across the entire value chain, ensuring a premium customer experience. Each car on Spinny comes with a 200-point inspection checklist, a 5-day money-back guarantee, and a 1-year after-sales warranty, underscoring its commitment to quality.
Operating in 22 cities, Spinny has 57 car hubs across India’s major cities, including Delhi, Mumbai, Bangalore, Pune, Chennai, and more. In 2022, cricket legend Sachin Tendulkar joined as a strategic investor and lead brand ambassador, while sports icon PV Sindhu, a customer of Spinny, supports the brand’s mission to fulfill the car dreams of a billion Indians.
