Kia India has affirmed that it will set up a trade-in vehicle business in the country one year from now. Talking during the OLX Autos’ pre-owned vehicles board conversation, Hardeep Singh Brar, VP and head of Marketing and Sales, Kia India, said, “We are additionally wanting to get into the trade-in vehicle market. Come 2022, when our vehicles will turn around three years of age, it’ll be the perfect opportunity to begin [with our trade-in vehicle business], particularly in the greater towns.”
Deals of used vehicles have been on the ascent in the nation, on account of the requirement for individual versatility because of the COVID pandemic and the continuous stockpile deficiencies for assembling new vehicles. Kia has seen this potential in the trade-in vehicle market and presently needs a slice of the pie.
“Assuming you check out the situation today, what I comprehend is that the pre-owned vehicle market is around 1.4 occasions the new vehicle market and, come 2025, this is projected to be just twice the new vehicle market. So there is gigantic potential that we can find around here,” Brar added.
Kia’s first model in Quite a while, the Seltos, is set to turn three years of age in 2022, so the carmaker wouldn’t have any desire to lose the clients who are hoping to supplant the SUV with rival brands. Subsequently, setting up its own pre-owned vehicle business will assist Kia with victory deals. Brar didn’t disclose more subtleties separated from the way that the brand will hope to set up the business in bigger urban areas in the first place.
In any case, notwithstanding its latent capacity, there are right now specific difficulties in the trade-in vehicle market. “Presently the inventory of the pre-owned vehicle market is a major concern. Thus, when there is a worry on the inventory of new vehicles, individuals clutch the vehicles which they need to trade and consequently, I think, it has affected the stock side of the pre-owned vehicle,” Brar said.
The signs to enter the pre-owned vehicle market are empowering for Kia, and, in a review directed via Autocar India and OLX Autos recently, the Seltos was decreed to have the best resale esteem in its fragment. On account of immense holding up periods and value climbs, the Seltos can order a solid resale esteem that is unequaled by any of its rivals in the moderate size SUV fragment.
When gotten some information about the Seltos’ high leftover worth, Brar said, “I would say there are three variables [for high lingering value]. One is as the costs of the new vehicles go up, it additionally straightforwardly affects the costs of the pre-owned vehicles. Second, the accessibility of another vehicle on the lookout. At the point when you have an extended holding up period, it most certainly impacts the general estimating of the pre-owned vehicle, which is likely why we have the best leftover worth in the commercial center. Furthermore third is simply the item. I think individuals are adoring it [the Seltos] and they will follow through on the cost.”