NEW DELHI: Toyota and Hyundai models lead the industry with the top three ranking models for highest resale value, based on owner-reported data from NFO Automotive’s inaugural 2003 India Used-Car Buyer Study (UCBS).
An official release informs that the 2003 UCBS is the fourth syndicated study introduced by NFO Automotive in India, following the Total Customer Satisfaction Study (TCS) for passenger car owners, Motorcycle TCS, and Dealer Satisfaction Study (DSS). NFO Automotive is a specialty division within NFO WorldGroup, which provides marketing research insight and counsel.
The 2003 UCBS is based on the responses from 4,741 used-car owners covering two to six year old vehicles. The official depreciation index is calculated using only two-year old vehicles to ensure consistency across all 26 models covered in this study.
The models leading their respective segments on the depreciation index are Maruti 800 (entry compact segment); Hyundai Santro (premium compact segment); Tata Indica Diesel (small car – diesel segment); Hyundai Accent Petrol (entry midsize segment); Honda City (premium midsize segment); and Toyota Qualis (SUV segment).
NFO Automotive GM Rajeev Lochan said, “It is not surprising that the top-ranking models in each segment are also the volume selling models in the marketplace. India is a very value driven market and the best selling cars are those that are offering the best value in the long-term, which includes the resale value.”
The study also analysed how used car buyers shopped for their vehicle. Word of mouth, classified advertisements, and used-car brokers are the key sources of deciding brand and price. The internet plays a limited role as does manufacturer-backed sources. Very few buyers pay for an expert to evaluate the vehicles. Most rely on their personal mechanics and friends
The age of the car (model year) and kilometers on the vehicle are the top-most evaluation criteria. The importance of accident history, ownership transfers, and service/ parts availability are relatively lower.
NFO WorldGroup provides research-based marketing information and counsel.
