Car Financing Gains Momentum as 59% of Used- Car Buyers in Pune Opt for Car Loans

AutoTech company CARS24 has achieved 30% year-on-year growth in car financing in Pune, even as the disbursements of car loans through its financial arm CARS24 Financial Services Pvt Ltd (CFSPL) exceeded Rs 336 crore.
Gajendra Jangid, Co Founder at CARS24, said Pune is witnessing a change in transportation preferences as the city’s growing infrastructure and economic development have catalysed demand for personal vehicles. A heightened demand for personal transportation has boosted the demand for flexible financing solutions, Mr Jangid said.
“The average age of individuals opting for car financing is 34 years, reflecting a growing inclination towards personal vehicle ownership among young professionals and families. This demographic increasingly views cars as essential and safer means of travel, crucial for maintaining independence and efficiency in their daily commutes,” Mr Jangid said.
“Ambitious young consumers are reshaping the car market as they prioritise convenience, safety, and efficiency. They prefer purchasing pre-owned vehicles and view financing as a smarter, more accessible way to achieve car ownership. This reflects the aspirations of a young, dynamic generation striving for greater autonomy and an improved way of travelling as they continue to navigate the roads of Pune.”