Economic slowdown, rising fuel prices make four wheel drive unaffordable

Aurangabad, May 21:

Rising prices of petrol and diesel, closure of businesses due to corona, lost jobs and reduction in income have made driving a car unaffordable for many citizens. Hence many are forced to sell their cars. As a result, more than a thousand secondhand cars are on sale in the city. Several cars with for sale tags are visible at shops of secondhand car dealers waiting to be sold.

Sales of second-hand cars and new cars had increased since September as people preferred to travel in their own cars rather than public transport after lockdown. Between September 2020 and February 2021, between 2,000 and 2,500 second-hand cars were sold in the city, vendors said. Due to increased demand, car prices had gone up by Rs 60,000 to Rs 70,000. However, now the situation has changed after the second lockdown. Sachin Wagh, a second-hand car dealer, said the second lockdown had weakened the business of many traders. Many have lost their jobs, with the price of petrol crossing Rs 100 and diesel also reaching Rs 91, consumers are now selling second-hand cars as it feels like keeping a white elephant. So many are waiting for the lockdown to be lifted. Hundreds of cars are parked but there are no buyers and the prices of cars have come down by Rs 50,000 to Rs 60,000. A second hand car dealer on Himayat Bagh road said that a thousand second hand cars are on sale in the city these days. After the lockdown, it will add another 300 to 400 cars. Trader Sheikh Khalil said that we are getting more phone calls from people interested in selling their cars.

CNG in demand

It is true that people are bringing second-hand car for sales due to the economic downturn and rising petrol and diesel prices. Also, as CNG is cheaper than petrol-diesel, there is a growing mentality towards selling old and buying new CNG cars, said Atul Kulkarni, manager, car showroom.