Irrespective of several challenges in the Automobile Industry in India, the pre- owned Automobile Industry remained robust even in the Covid-19 era. For the uninitiated, the pre-owned Automobile Industry has become equal (in volume) to the new industry, if not bigger than that. But the moot point here is how sustainable the pre-owned Automobile Industry is and what innovations are taking place in the industry? Perhaps, most people think that newer vehicles are more sustainable than pre-owned ones as they consider only running emissions, for a matter of fact. However, there are many other factors for evaluating the sustainability of the pre-owned Automobile Industry. When we buy a pre-owned vehicle, we are purchasing it with the emissions already produced; it's like we are getting a huge emissions discount. More so, the sheer amount of water used in making a new vehicle should be enough to allow one to appreciate how important it is for a single vehicle to be used till the end of its life cycle. At the same time, pre- owned vehicles are refurbished to maintain the environmental standards and need several tests for pollution control. In addition, the value of national assets is increasing with better utilization of a change of hands every time.
Technically, every new vehicle sold becomes the base of the pre-owned Automobile industry. Thus, the pre-owned automobile industry is also likely to offer more technically advanced and strict pollution-controlled vehicles Vehicles, and Electric Vehicles like BS VI Vehicles, Hybrid which lead to sustainability. With the ever-increasing requirements of customers, the pre-owned automobile industry has gone through several innovation phases. Online Auction and classified portals have made it easy and convenient for customers to transact a pre- owned vehicle from anywhere anytime. At the same, the pre- owned Automobile Industry has entered into the phygital (Physical plus digital) era, introducing cutting-edge machine learning tools to estimate a fair value of a pre-owned vehicle based on millions of previous transactions. VR-based auto-tech firms are also going to reshape the pre-owned vehicle purchase in near future. Thus, the pre-owned Automobile Industry is moving with the right blending of sustainability and innovation. In the near future, the Vehicle Scrappage Policy is likely to play a pivotal role in sustainability and emerging customer requirements would like to bring more innovations to the Pre-owned Automobile Industry.
