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Synopsis
Pandemic is only the latest blow; the headwinds have been gathering for the industry for a while. In 2019-20, passenger vehicles sales dipped by 18%, from 3.2 million in 2018-19 to touch 2.78 million. The future looks grim — in 2020-21, CRISIL forecasts that passenger vehicle sales will dip by 25% to touch 2.1 million. In this plethora of bad news, pre-owned or used car market is emerging as a silver lining.
Living in Bengaluru, IT engineer Prajith KP and his wife Shubha were doing okay with one car. Shubha was on a year’s break from work. In Bengaluru’s notorious traffic, shared cabs and the metro offered them good alternatives, too.The lockdown changed things. “My wife is now joining work after a year. I wanted her to travel in her own car. So, we decided to buy a new one,” says Prajith. Multiple factors led to a slight change in their plans and,
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