Chennai floods increase demand for used vehicles
The floods left behind a pile of submerged cars, which now rot in the garages or are on their way to the scrap yard. Several citizens who lost their cars are now looking out to buy used, which has given a push to the second-hand car market in the city.
"Their insurance claims are taking an inordinate time and people want interim vehicles. This is leading to a jump in preliminary calls and purchases, especially in the lower budgsegments between Rs 2-3 lakh," K Mahalingam, managing TS Mahalingam & Sons, told ET.
Chennai ranks behind National Capital Region, Mumbai, and Bengaluru in used cars businesses.