With changing lifestyle, cars are no longer limited to 35+ people and business class. Young generation equally adores the automobiles and now with hefty salaries and better finance options, they can easily make their dream come true. The mindset of people to go for cheapest car if you are a first time buyer has completely changed and young professionals opt for premium hatchbacks to mark a debut in automobiles.
The next generation car enthusiasts have upgraded from entry level cars like Maruti Alto, Hyundai Santro and Chevrolet Spark to Maruti Swift, Hyundai i10 or i20. Maruti Suzuki’s stats reveal that only 18 per cent of first time buyers would go for Swift three years ago but now the figure has moved up to 33 per cent whereas first time buyers of Maruti WagonR have almost doubled to 42 per cent from the 22 per cent three years ago.
Maruti Suzuki’s Chief General Manager of Marketing, Mr Shashank Srivastava said that they have witnessed shift in gears for first time buyers which now prefer to wait for an aspirational model rather than to go for any cheap model.
General Motors (GM) also sound similar by stating that around 20-30 per cent first time buyers are now going for premium hatchbacks which fall in the 25-35 age group. Mr P. Balendran, Vice-President, GM India says that the basic reasons for the shifting of preferences are the lucrative finance options, upgrading life style and availability of more options in the segment.
Hyundai Motor India’s Director for Marketing and Sales, Mr Arvind Saxena says that the demand for entry level cars will always be there but car buyers now want more features at the same price tag and that is what they have kept in mind while manufacturing Eon.
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