Be it the Rolls Royces or BMWs or Porsches, Hyderabad has been seeing an increasing affinity towards high-end, luxury cars. Given that Hyderabad is one of the most happening cities in the country and with an overall abundance among people, the aspirations of Hyderabadis have risen, and many luxury brand companies have opened their showrooms in the city. Also, with younger generations’ interest in luxury cars, sports cars top the aspiration list.
According to research by Boys and Machines, about 60 percent of demand in Hyderabad is for pre-owned luxury cars. There is a going increase in demand, and new models are being preferred. However, as compared to luxury SUVs or sedans, about 60 percent of the demand is for high-end sports cars. Ferrari and Lamborghinis are the most preferred in the city in the high-priced sports car segment.
Boys and Machines opened its outlet in Hyderabad last year, and it has received a positive response from luxury car buyers. Siddharth Chaturvedi, founder of Boys and Machines shares that luxury SUVs are preferred in cities like Mumbai, while in the northern region, the demand is for a mix of luxury SUVs, sedans, and sports cars.
He further reveals that a shortage of chips has helped the used car industry. For the uninitiated, luxury cars are heavily dependent on semiconductors, and this has been delaying the delivery time of new cars. So, now customers are looking at used cars space to fulfill their aspirations of owning a luxury car. Ironically, 65% of luxury used car buyers are between the age of 30-40 years. 20% of women want spacious cars. Also, demand for used luxury cars is supposed to be growing at 35-40% year on year.