Fuel Ban Sparks Surge in Second-Hand Car Queries
Following a fuel ban on overage vehicles in Delhi, second-hand car queries spiked, with potential buyers from across India seeking bargains. The ban led to uncertainty and a 40-50% drop in prices for older cars. Stakeholders are urging the suspension of the directive due to implementation challenges.
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Following the enforcement of a fuel ban on overage vehicles in Delhi, companies dealing in second-hand cars reported a surge in customer inquiries. The directive, which began on July 1, prompted interest from buyers across India, notably south India, seeking discounted vehicles.
The Delhi government quickly appealed for a suspension of the ban, citing technological challenges in implementation, according to Environment Minister Manjinder Singh Sirsa. The lack of clarity in the initial days led to a significant increase in inquiries, with companies experiencing a 25% rise in leads.
Concurrently, traders noted a drastic reduction in car prices, with some models experiencing a 40-50% price decline. The Chamber of Trade and Industry highlighted that this has created a buyer's market, although compliance complications remain. Meanwhile, CARS24 emphasized legal obligations regarding the scrapping of overage vehicles.
(With inputs from agencies.)
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