With the Tata Nano’s launch date drawing closer, used car dealers are taking all possible steps to fight the expected competition. Over the past few weeks, there has been a 25-35 per cent reduction in used car prices across the country. Pre-owned mid-size sedans such as the Ford Ikon, the Maruti Esteem, the Opel Corsa and the Fiat Sienna are now available for Rs. 1 lakh. The logic behind the move is that a car buyer would probably prefer buying a 4-5 year old mid-sized car with all essential features, to buying a non-AC version of the teeny weeny Nano. The AC variant of the Nano will cost approximately Rs. 1.4 lakh.
As with demand for news cars, demand for used cars too has gone down to a considerable extent in the past few months. Used car buyers also have limited financing options, with private lending institutions staying away from the sector. The recent price cuts are expected to give a much-needed fillip to used car sales.
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