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Why India’s used luxury car market is growing

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“Luxury cars are mostly driven in top cities and metros because the roads are rarely good in smaller cities and villages,” says Honey Katiyal, founder of Investors Clinic, a real estate advisory firm.

Synopsis

India’s used-luxury-car market is growing 15-20% annually, with sales volume averaging over 60,000 units a year. The average price of used luxury cars such as those from Audi, BMW, Mercedes and Jaguar Land Rover are priced between Rs 25 lakh and Rs 40 lakh.

I don’t gamble at the casinos, nor do I keep horses.The only vice I have is my love for cars. It’s my guilty pleasure,” says Priyank Sukhija, the promoter of First Fiddle Restaurants.Sukhija, 41, bought his first car — a second-hand Maruti Esteem — 24 years ago. Two years later, when he opened his first restaurant, Lazeez Affaire, at Malcha Marg in 1999, he upgraded to a second-hand Daewoo Cielo.As his restaurants sprouted across Indian metros,

BY

ET Bureau

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